JMP Securities Reiterates “Market Outperform” Rating for ServiceNow (NYSE:NOW)

JMP Securities reaffirmed their market outperform rating on shares of ServiceNow (NYSE:NOW) in a report issued on Tuesday, Benzinga reports. The firm currently has a $825.00 price target on the information technology services provider’s stock.

A number of other research firms have also issued reports on NOW. Mizuho increased their target price on ServiceNow from $750.00 to $820.00 and gave the company a buy rating in a research note on Thursday, January 25th. Royal Bank of Canada raised their price objective on ServiceNow from $840.00 to $850.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Oppenheimer raised their price objective on ServiceNow from $750.00 to $800.00 and gave the company an outperform rating in a research note on Thursday, January 18th. The Goldman Sachs Group raised their price objective on ServiceNow from $800.00 to $910.00 and gave the company a buy rating in a research note on Thursday, January 25th. Finally, Truist Financial raised their price objective on ServiceNow from $700.00 to $750.00 and gave the company a hold rating in a research note on Thursday, January 25th. Four research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $782.85.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $722.94 on Tuesday. The firm has a market capitalization of $148.48 billion, a PE ratio of 77.32, a P/E/G ratio of 4.72 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The business has a 50-day moving average of $759.21 and a two-hundred day moving average of $707.90. ServiceNow has a 12 month low of $427.68 and a 12 month high of $815.32.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 14.00% and a net margin of 20.34%. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the firm posted $0.88 earnings per share. The firm’s revenue was up 25.6% on a year-over-year basis. As a group, research analysts forecast that ServiceNow will post 6.16 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the sale, the insider now owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the sale, the insider now owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock valued at $9,940,303 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in ServiceNow during the fourth quarter valued at $1,648,259,000. International Assets Investment Management LLC boosted its position in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after purchasing an additional 820,465 shares during the last quarter. FMR LLC boosted its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares during the last quarter. Global Assets Advisory LLC acquired a new stake in ServiceNow during the first quarter valued at $403,034,000. Finally, Jennison Associates LLC boosted its position in ServiceNow by 23.0% during the third quarter. Jennison Associates LLC now owns 2,467,471 shares of the information technology services provider’s stock valued at $1,379,217,000 after purchasing an additional 461,614 shares during the last quarter. 87.18% of the stock is currently 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.