Morgan Stanley Increases ServiceNow (NYSE:NOW) Price Target to $830.00

ServiceNow (NYSE:NOW) had its price target hoisted by equities researchers at Morgan Stanley from $814.00 to $830.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 17.32% from the stock’s current price.

NOW has been the subject of a number of other reports. Robert W. Baird raised their target price on shares of ServiceNow from $780.00 to $870.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Piper Sandler raised their price target on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Needham & Company LLC restated a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research report on Thursday. Mizuho raised their price target on ServiceNow from $750.00 to $820.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, The Goldman Sachs Group raised their price target on ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $782.85.

ServiceNow Price Performance

Shares of NOW stock traded down $38.82 on Thursday, reaching $707.47. The company’s stock had a trading volume of 2,146,734 shares, compared to its average volume of 1,197,432. The stock’s fifty day simple moving average is $761.32 and its 200-day simple moving average is $706.74. ServiceNow has a 1 year low of $427.68 and a 1 year high of $815.32. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $145.30 billion, a price-to-earnings ratio of 84.27, a price-to-earnings-growth ratio of 4.68 and a beta of 0.97.

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

Insider Activity

In other news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction that occurred on 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 directly owns 994 shares of the company’s stock, valued at approximately $776,373.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $3,787,992.40. Following the completion of 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 sold a total of 13,164 shares of company stock valued at $9,940,303 in the last three months. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of ServiceNow during the 4th quarter valued at about $1,648,259,000. International Assets Investment Management LLC boosted its position in shares of ServiceNow by 69,354.6% during the 4th 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 acquiring an additional 820,465 shares during the last quarter. FMR LLC boosted its position in shares of ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after acquiring an additional 595,697 shares during the last quarter. Global Assets Advisory LLC acquired a new position in shares of ServiceNow during the 1st quarter valued at about $403,034,000. Finally, Jennison Associates LLC boosted its position in shares of ServiceNow by 23.0% during the 3rd 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 acquiring an additional 461,614 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.