TD Cowen Increases ServiceNow (NYSE:NOW) Price Target to $900.00

ServiceNow (NYSE:NOW) had its target price increased by TD Cowen from $870.00 to $900.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other analysts have also issued research reports about the stock. JMP Securities boosted their price objective on shares of ServiceNow from $825.00 to $850.00 and gave the stock a market outperform rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the stock a buy rating in a research report on Thursday. UBS Group cut their price objective on shares of ServiceNow from $920.00 to $875.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Needham & Company LLC reissued a buy rating and issued a $900.00 price objective on shares of ServiceNow in a research report on Thursday. Finally, BMO Capital Markets boosted their price objective on shares of ServiceNow from $830.00 to $860.00 and gave the stock an outperform rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, ServiceNow currently has an average rating of Moderate Buy and an average price target of $842.22.

ServiceNow Stock Performance

Shares of NOW opened at $827.61 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a twelve month low of $527.24 and a twelve month high of $850.33. The firm’s 50 day moving average price is $744.03 and its two-hundred day moving average price is $751.55. The firm has a market cap of $170.49 billion, a P/E ratio of 88.51, a PEG ratio of 5.17 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. The business’s revenue was up 22.2% on a year-over-year basis. On average, analysts forecast that ServiceNow will post 6.5 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Paul John Smith sold 125 shares of the company’s stock in a transaction dated 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 directly owns 3,112 shares in the company, valued at $2,263,606.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Frederic B. Luddy sold 598 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $741.92, for a total value of $443,668.16. Following the transaction, the director now directly owns 428 shares in the company, valued at $317,541.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul John Smith sold 125 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the transaction, the insider now owns 3,112 shares in the company, valued at $2,263,606.56. The disclosure for this sale can be found here. Insiders have sold a total of 5,530 shares of company stock worth $3,997,012 over the last ninety days. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in ServiceNow during the fourth quarter worth about $1,648,259,000. Swedbank AB bought a new stake in ServiceNow during the first quarter worth about $897,908,000. International Assets Investment Management LLC lifted its position in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after purchasing an additional 820,465 shares during the period. Global Assets Advisory LLC bought a new stake in ServiceNow during the first quarter worth about $403,034,000. Finally, Cerity Partners LLC lifted its position in ServiceNow by 1,073.7% during the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after purchasing an additional 371,648 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.