TD Securities Reaffirms "Buy" Rating for ServiceNow (NYSE:NOW)

ServiceNow (NYSE:NOW - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at TD Securities in a research note issued to investors on Thursday,Benzinga reports. They presently have a $1,100.00 price target on the information technology services provider's stock. TD Securities' target price would indicate a potential upside of 18.01% from the stock's previous close.

A number of other equities analysts have also weighed in on NOW. Guggenheim restated a "sell" rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, April 16th. Stifel Nicolaus set a $975.00 price objective on ServiceNow and gave the stock a "buy" rating in a report on Thursday. Bank of America decreased their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research note on Thursday. Finally, Morgan Stanley lowered their target price on ServiceNow from $960.00 to $881.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,032.10.

ServiceNow Stock Up 14.7 %

NOW stock traded up $119.40 on Thursday, reaching $932.10. 2,578,078 shares of the company traded hands, compared to its average volume of 1,494,288. The firm has a fifty day simple moving average of $840.59 and a 200-day simple moving average of $967.11. The company has a market cap of $192.95 billion, a P/E ratio of 136.02, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

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

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This trade represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,250 shares of company stock worth $19,853,273. Insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Avidian Wealth Enterprises LLC boosted its holdings in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after acquiring an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its holdings in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after purchasing an additional 10 shares during the last quarter. Institute for Wealth Management LLC. raised its stake in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC lifted its holdings in shares of ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC boosted its stake in shares of ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after buying an additional 11 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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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