ServiceNow (NYSE:NOW) Stock Price Up 5.8% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) was up 5.8% during trading on Monday . The stock traded as high as $105.21 and last traded at $105.1820. Approximately 6,114,291 shares were traded during trading, a decline of 67% from the average daily volume of 18,707,980 shares. The stock had previously closed at $99.41.

Wall Street Analyst Weigh In

A number of research firms have commented on NOW. Canaccord Genuity Group set a $200.00 price objective on shares of ServiceNow in a research note on Thursday, January 29th. Robert W. Baird set a $175.00 target price on shares of ServiceNow in a research report on Thursday, January 29th. Evercore restated an “outperform” rating and set a $175.00 price target (down from $225.00) on shares of ServiceNow in a report on Thursday, January 29th. HSBC decreased their price objective on shares of ServiceNow from $266.40 to $226.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Finally, Capital One Financial lowered their price objective on shares of ServiceNow from $188.00 to $161.00 and set an “overweight” rating on the stock in a research report on Friday, January 16th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.61.

ServiceNow Stock Up 5.7%

The business has a fifty day moving average price of $112.88 and a two-hundred day moving average price of $149.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. The company has a market cap of $109.86 billion, a price-to-earnings ratio of 62.98, a P/E/G ratio of 1.68 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.89 by $0.03. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The business had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period last year, the company posted $0.73 earnings per share. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $101.17, for a total transaction of $151,755.00. Following the transaction, the director directly owned 46,430 shares in the company, valued at $4,697,323.10. The trade was a 3.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Fipps sold 3,696 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total transaction of $376,141.92. Following the completion of the transaction, the insider directly owned 8,061 shares in the company, valued at $820,367.97. This trade represents a 31.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,237 shares of company stock valued at $1,697,162 in the last quarter. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Kilter Group LLC acquired a new position in ServiceNow in the second quarter worth approximately $25,000. IAG Wealth Partners LLC grew its position in ServiceNow by 200.0% in the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 18 shares in the last quarter. Noble Wealth Management PBC grew its position in ServiceNow by 400.0% in the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 128 shares in the last quarter. Millstone Evans Group LLC increased its stake in shares of ServiceNow by 400.0% during the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 132 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC increased its stake in shares of 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 purchasing an additional 135 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.