ServiceNow (NYSE:NOW) Trading 1.2% Higher on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares traded up 1.2% during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $875.00 to $900.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $749.00 and last traded at $744.78. 1,085,831 shares were traded during mid-day trading, an increase of 20% from the average session volume of 904,049 shares. The stock had previously closed at $735.81.

Several other research analysts also recently commented on the stock. Piper Sandler lifted their target price on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. Robert W. Baird lifted their target price on shares of ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $820.00 target price on shares of ServiceNow in a report on Wednesday, March 20th. Guggenheim reiterated a “neutral” rating on shares of ServiceNow in a report on Monday. Finally, JMP Securities raised their price target on shares of ServiceNow from $665.00 to $825.00 and gave the stock a “market outperform” rating in a research report on Monday, January 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $780.00.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the transaction, the insider now owns 994 shares in the company, valued at $776,373.64. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock worth $9,940,303 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $29,000. AdvisorNet Financial Inc lifted its position in shares of ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares in the last quarter. Sachetta LLC acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $35,000. PFG Private Wealth Management LLC acquired a new position in ServiceNow in the third quarter valued at approximately $28,000. Finally, Disciplined Equity Management Inc. acquired a new position in ServiceNow in the fourth quarter valued at approximately $35,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

The company’s fifty day moving average is $768.63 and its two-hundred day moving average is $700.17. The firm has a market capitalization of $152.96 billion, a price-to-earnings ratio of 88.56, a price-to-earnings-growth ratio of 4.65 and a beta of 0.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the business posted $0.88 earnings per share. ServiceNow’s revenue was up 25.6% compared to the same quarter last year. Equities research analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

ServiceNow Company Profile

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.