ServiceNow (NYSE:NOW) Given New $1,200.00 Price Target at Needham & Company LLC

ServiceNow (NYSE:NOW) had its target price increased by Needham & Company LLC from $1,150.00 to $1,200.00 in a research report released on Thursday,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. BMO Capital Markets boosted their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Sanford C. Bernstein increased their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays boosted their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Down 11.5 %

ServiceNow stock opened at $1,011.67 on Thursday. The firm has a market capitalization of $208.40 billion, a P/E ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99. The company has a 50-day simple moving average of $1,085.21 and a 200-day simple moving average of $952.30. 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 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. As a group, equities analysts expect that ServiceNow will post 8.98 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a share repurchase plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last three months. 0.25% of the stock is owned by corporate insiders.

Institutional Trading of ServiceNow

Several large investors have recently made changes to their positions in NOW. Sierra Ocean LLC bought a new stake in ServiceNow during the fourth quarter worth approximately $55,000. J.W. Cole Advisors Inc. boosted its holdings in shares of ServiceNow by 1.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 2,302 shares of the information technology services provider’s stock worth $2,440,000 after buying an additional 43 shares during the period. Valmark Advisers Inc. raised its holdings in ServiceNow by 5.4% in the 4th quarter. Valmark Advisers Inc. now owns 2,457 shares of the information technology services provider’s stock worth $2,605,000 after acquiring an additional 125 shares during the period. L.M. Kohn & Company lifted its position in ServiceNow by 0.7% during the 4th quarter. L.M. Kohn & Company now owns 1,921 shares of the information technology services provider’s stock worth $2,036,000 after acquiring an additional 13 shares during the last quarter. Finally, WD Rutherford LLC increased its stake in shares of ServiceNow by 2.3% in the fourth quarter. WD Rutherford LLC now owns 5,132 shares of the information technology services provider’s stock worth $5,441,000 after purchasing an additional 117 shares during the period. 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.