ServiceNow (NYSE:NOW) Given New $850.00 Price Target at JMP Securities

ServiceNow (NYSE:NOW) had its price objective lifted by JMP Securities from $825.00 to $850.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a market outperform rating on the information technology services provider’s stock.

Other research analysts have also issued reports about the stock. Citigroup upped their price objective on shares of ServiceNow from $909.00 to $911.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Truist Financial increased their price target on shares of ServiceNow from $750.00 to $780.00 and gave the stock a hold rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on shares of ServiceNow from $875.00 to $900.00 and gave the stock a buy rating in a research note on Thursday. Royal Bank of Canada increased their price target on shares of ServiceNow from $850.00 to $880.00 and gave the stock an outperform rating in a research note on Thursday. Finally, Piper Sandler increased their price target on shares of ServiceNow from $830.00 to $850.00 and gave the stock an overweight rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of Moderate Buy and a consensus target price of $833.57.

ServiceNow Trading Down 0.6 %

Shares of NOW opened at $823.46 on Thursday. The stock has a market capitalization of $168.81 billion, a P/E ratio of 88.57, a PEG ratio of 4.58 and a beta of 0.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $742.77 and a two-hundred day simple moving average of $750.01. ServiceNow has a twelve month low of $527.24 and a twelve month high of $850.33.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 15.01%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the prior year, the business earned $0.77 EPS. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, research analysts anticipate that ServiceNow will post 6.5 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $727.38, for a total value of $90,922.50. Following the transaction, the insider now owns 3,112 shares of the company’s stock, valued at $2,263,606.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $2,521,422.51. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the sale, the insider now owns 3,112 shares in the company, valued at approximately $2,263,606.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,530 shares of company stock valued at $3,997,012. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of NOW. Federated Hermes Inc. increased its position in ServiceNow by 19.8% in the fourth quarter. Federated Hermes Inc. now owns 300,122 shares of the information technology services provider’s stock worth $212,033,000 after purchasing an additional 49,631 shares during the last quarter. M&G Plc purchased a new stake in shares of ServiceNow during the first quarter valued at $11,030,000. Smithfield Trust Co boosted its stake in shares of ServiceNow by 36.4% during the fourth quarter. Smithfield Trust Co now owns 981 shares of the information technology services provider’s stock valued at $691,000 after purchasing an additional 262 shares during the period. Dohj LLC purchased a new stake in shares of ServiceNow during the fourth quarter valued at $913,000. Finally, New Mexico Educational Retirement Board raised its holdings in shares of ServiceNow by 9.4% in the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.