Needham & Company LLC Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective boosted by stock analysts at Needham & Company LLC from $115.00 to $155.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective indicates a potential upside of 18.15% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company restated an “overweight” rating and set a $175.00 target price (up from $160.00) on shares of ServiceNow in a report on Wednesday, August 12th. Evercore reissued an “outperform” rating and issued a $160.00 price objective on shares of ServiceNow in a research report on Thursday, July 23rd. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research note on Tuesday, July 21st. BTIG Research upped their target price on shares of ServiceNow from $150.00 to $170.00 and gave the company a “buy” rating in a report on Tuesday. Finally, KeyCorp reiterated an “underweight” rating on shares of ServiceNow in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $145.71.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $131.19 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50 day moving average price of $119.74 and a 200 day moving average price of $108.75. The stock has a market capitalization of $135.65 billion, a PE ratio of 81.99, a price-to-earnings-growth ratio of 2.39 and a beta of 0.97. ServiceNow has a 52 week low of $81.24 and a 52 week high of $194.73.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 EPS. Analysts predict that ServiceNow will post 2.24 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 7,847 shares of ServiceNow stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the sale, the insider owned 30,042 shares of the company’s stock, valued at approximately $4,145,796. The trade was a 20.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the completion of the transaction, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 14,081 shares of company stock valued at $1,937,904 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the stock. Wealth Watch Advisors INC bought a new position in shares of ServiceNow during the third quarter worth approximately $29,000. Kelleher Financial Advisors bought a new stake in ServiceNow in the 3rd quarter valued at $50,000. Pin Oak Investment Advisors Inc. grew its holdings in ServiceNow by 20.7% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock valued at $123,000 after buying an additional 23 shares in the last quarter. Jupiter Wealth Management LLC acquired a new position in ServiceNow in the 2nd quarter valued at $154,000. Finally, CBIZ Investment Advisory Services LLC increased its position in ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 135 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company’s products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.