ServiceNow's (NOW) "Market Outperform" Rating Reaffirmed at JMP Securities

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "market outperform" rating reaffirmed by stock analysts at JMP Securities in a research note issued on Thursday,Benzinga reports. They presently have a $1,300.00 price objective on the information technology services provider's stock. JMP Securities' target price indicates a potential upside of 40.82% from the stock's current price.

A number of other analysts have also recently commented on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research report on Wednesday, April 16th. BMO Capital Markets dropped their target price on ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a report on Tuesday. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Finally, Raymond James reduced their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,029.00.

ServiceNow Stock Up 13.6 %

NOW traded up $110.44 on Thursday, hitting $923.14. The company had a trading volume of 2,302,307 shares, compared to its average volume of 1,492,953. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a fifty day simple moving average of $840.59 and a 200-day simple moving average of $967.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $191.09 billion, a P/E ratio of 136.18, a P/E/G ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.78 by ($1.47). ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. As a group, equities analysts expect that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,282 shares of the business's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,250 shares of company stock worth $19,853,273. Corporate insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in ServiceNow in the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow in the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow during the fourth quarter worth approximately $34,000. 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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