ServiceNow (NYSE:NOW) Receives "Outperform" Rating from Royal Bank of Canada

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "outperform" rating reissued by analysts at Royal Bank of Canada in a report released on Thursday,Benzinga reports. They currently have a $1,210.00 price target on the information technology services provider's stock. Royal Bank of Canada's target price would suggest a potential upside of 21.44% from the company's current price.

Several other analysts also recently issued reports on the company. Wells Fargo & Company lifted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. KeyCorp cut shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. Truist Financial boosted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a research report on Thursday, December 12th. Guggenheim reiterated a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, UBS Group increased their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,125.62.

ServiceNow Stock Down 12.9 %

NOW traded down $147.22 during midday trading on Thursday, hitting $996.41. 3,344,393 shares of the company's stock traded hands, compared to its average volume of 1,489,258. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $205.26 billion, a PE ratio of 154.94, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The stock's fifty day simple moving average is $1,085.21 and its 200-day simple moving average is $952.30.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing analysts' consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. As a group, equities analysts anticipate that ServiceNow will post 7.06 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company's stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock valued at $21,016,751 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC increased its stake in ServiceNow by 3.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 2,070 shares of the information technology services provider's stock valued at $2,194,000 after purchasing an additional 65 shares in the last quarter. AustralianSuper Pty Ltd raised its holdings in ServiceNow by 1.7% in the 4th quarter. AustralianSuper Pty Ltd now owns 286,709 shares of the information technology services provider's stock worth $303,946,000 after acquiring an additional 4,874 shares during the last quarter. Campbell Wealth Management bought a new stake in shares of ServiceNow in the 4th quarter worth $218,000. Asset Planning Inc purchased a new position in shares of ServiceNow in the fourth quarter worth $64,000. Finally, Vicus Capital bought a new position in shares of ServiceNow during the fourth quarter valued at $522,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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