HSBC Begins Coverage on ServiceNow (NYSE:NOW)

HSBC initiated coverage on shares of ServiceNow (NYSE:NOW) in a report issued on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $704.00 price target on the information technology services provider’s stock.

Several other research firms have also recently issued reports on NOW. Mizuho boosted their price objective on shares of ServiceNow from $510.00 to $620.00 in a research report on Monday, July 17th. Evercore ISI upped their price target on shares of ServiceNow from $550.00 to $650.00 and gave the stock an overweight rating in a research report on Tuesday, August 15th. Needham & Company LLC reaffirmed a buy rating and issued a $660.00 price target on shares of ServiceNow in a research report on Friday, August 4th. Guggenheim increased their target price on shares of ServiceNow from $518.00 to $657.00 and gave the company a buy rating in a research report on Wednesday, July 19th. Finally, KeyCorp increased their target price on shares of ServiceNow from $547.00 to $675.00 and gave the company an overweight rating in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $594.79.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $578.51 on Friday. The company has a market capitalization of $117.87 billion, a price-to-earnings ratio of 83.36, a PEG ratio of 5.95 and a beta of 1.01. ServiceNow has a 12 month low of $337.00 and a 12 month high of $614.36. The firm’s 50-day moving average is $574.04 and its 200 day moving average is $518.80. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.21.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.43 by $0.34. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.13 billion. ServiceNow had a net margin of 17.76% and a return on equity of 11.07%. Research analysts predict that ServiceNow will post 3.59 EPS for the current year.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 759 shares of ServiceNow stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $552.98, for a total value of $419,711.82. Following the completion of the transaction, the chief financial officer now owns 7,357 shares in the company, valued at $4,068,273.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Chirantan Jitendra Desai sold 4,500 shares of ServiceNow stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $592.10, for a total value of $2,664,450.00. Following the completion of the transaction, the chief operating officer now owns 41,307 shares in the company, valued at $24,457,874.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 759 shares of the business’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $552.98, for a total transaction of $419,711.82. Following the sale, the chief financial officer now owns 7,357 shares of the company’s stock, valued at approximately $4,068,273.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,951 shares of company stock worth $10,147,437. Corporate insiders own 0.24% of the company’s stock.

Institutional Trading of ServiceNow

Institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC purchased a new stake in ServiceNow in the 4th quarter valued at $27,000. Barrett & Company Inc. acquired a new position in ServiceNow in the 1st quarter valued at $28,000. First Capital Advisors Group LLC. acquired a new position in ServiceNow in the 2nd quarter valued at $29,000. High Net Worth Advisory Group LLC acquired a new position in ServiceNow in the 1st quarter valued at $29,000. Finally, Altshuler Shaham Ltd acquired a new position in ServiceNow in the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 87.14% of the company’s stock.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.