ServiceNow (NYSE:NOW) Price Target Raised to $1,250.00

ServiceNow (NYSE:NOW) had its target price boosted by JPMorgan Chase & Co. from $950.00 to $1,250.00 in a report published on Wednesday,Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Several other brokerages have also issued reports on NOW. Robert W. Baird increased their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays raised their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Raymond James started coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Finally, TD Cowen increased their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,116.14.

ServiceNow Trading Down 2.2 %

Shares of NYSE NOW opened at $1,144.86 on Wednesday. The firm has a market capitalization of $235.84 billion, a PE ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $1,082.77 and a two-hundred day moving average price of $950.94.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. As a group, analysts predict that ServiceNow will post 7.06 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock valued at $21,016,751 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Catalyst Financial Partners LLC boosted its holdings in ServiceNow by 1.3% during the fourth quarter. Catalyst Financial Partners LLC now owns 1,161 shares of the information technology services provider’s stock valued at $1,231,000 after purchasing an additional 15 shares in the last quarter. Ingalls & Snyder LLC acquired a new stake in ServiceNow in the 4th quarter valued at $219,000. Warren Street Wealth Advisors LLC boosted its stake in ServiceNow by 7.6% in the 4th quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the information technology services provider’s stock valued at $285,000 after buying an additional 19 shares in the last quarter. Clarity Capital Partners LLC acquired a new position in ServiceNow during the fourth quarter worth $292,000. Finally, Van ECK Associates Corp raised its stake in ServiceNow by 2.5% during the fourth quarter. Van ECK Associates Corp now owns 12,556 shares of the information technology services provider’s stock worth $13,311,000 after acquiring an additional 301 shares in 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.