Redburn Atlantic Initiates Coverage on ServiceNow (NYSE:NOW)

Investment analysts at Redburn Atlantic assumed coverage on shares of ServiceNow (NYSE:NOW) in a report issued on Wednesday, Marketbeat reports. The firm set a “buy” rating on the information technology services provider’s stock.

NOW has been the subject of a number of other reports. Jefferies Financial Group decreased their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Scotiabank assumed coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Needham & Company LLC raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, Sanford C. Bernstein raised their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $968.19 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $1,058.36 and a two-hundred day moving average price of $976.01. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market cap of $199.45 billion, a P/E ratio of 141.76, a PEG ratio of 4.64 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

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

Insider Buying and Selling

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the sale, the insider now owns 6,244 shares of the company’s stock, valued at $6,119,432.20. The trade was a 27.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,806 shares of company stock valued at $16,065,122. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. OLD National Bancorp IN raised its holdings in ServiceNow by 2.8% during the 3rd quarter. OLD National Bancorp IN now owns 597 shares of the information technology services provider’s stock valued at $534,000 after acquiring an additional 16 shares during the period. Foundations Investment Advisors LLC grew its position in shares of ServiceNow by 19.3% during the 3rd quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 101 shares in the last quarter. Oakworth Capital Inc. grew its position in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares in the last quarter. Calton & Associates Inc. purchased a new position in shares of ServiceNow during the 3rd quarter valued at $291,000. Finally, Segment Wealth Management LLC grew its position in shares of ServiceNow by 39.3% during the 3rd quarter. Segment Wealth Management LLC now owns 709 shares of the information technology services provider’s stock valued at $634,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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.