Cantor Fitzgerald Reiterates “Overweight” Rating for ServiceNow (NYSE:NOW)

Cantor Fitzgerald reissued their overweight rating on shares of ServiceNow (NYSE:NOW) in a research note published on Wednesday morning,Benzinga reports. They currently have a $1,048.00 target price on the information technology services provider’s stock.

NOW has been the subject of several other research reports. The Goldman Sachs Group cut their price objective on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. UBS Group reduced their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Truist Financial lowered their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,057.17.

ServiceNow Stock Down 3.1 %

Shares of NOW opened at $772.18 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 stock has a market capitalization of $159.84 billion, a PE ratio of 113.06, a P/E/G ratio of 4.51 and a beta of 1.08. The firm’s 50 day moving average is $852.94 and its 200-day moving average is $969.52. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,250 shares of company stock worth $19,853,273. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of the business. Lion Street Advisors LLC increased its stake in shares of ServiceNow by 4.1% in the 1st quarter. Lion Street Advisors LLC now owns 664 shares of the information technology services provider’s stock valued at $529,000 after acquiring an additional 26 shares in the last quarter. Bender Robert & Associates increased its stake in ServiceNow by 9.7% in the first quarter. Bender Robert & Associates now owns 12,839 shares of the information technology services provider’s stock valued at $10,222,000 after purchasing an additional 1,131 shares in the last quarter. Clarius Group LLC boosted its position in shares of ServiceNow by 16.0% during the 1st quarter. Clarius Group LLC now owns 2,141 shares of the information technology services provider’s stock worth $1,705,000 after purchasing an additional 295 shares in the last quarter. Boomfish Wealth Group LLC grew its stake in shares of ServiceNow by 1.9% in the 1st quarter. Boomfish Wealth Group LLC now owns 3,069 shares of the information technology services provider’s stock valued at $2,443,000 after buying an additional 57 shares during the period. Finally, Rakuten Securities Inc. increased its position in ServiceNow by 7.6% in the 1st quarter. Rakuten Securities Inc. now owns 707 shares of the information technology services provider’s stock valued at $563,000 after buying an additional 50 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.