Needham & Company LLC Boosts ServiceNow (NYSE:NOW) Price Target to $1,200.00

ServiceNow (NYSE:NOW) had its price objective hoisted by analysts at Needham & Company LLC from $1,150.00 to $1,200.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 17.63% from the company’s current price.

A number of other research analysts have also recently issued reports on NOW. JPMorgan Chase & Co. lifted their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Barclays upped their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Robert W. Baird raised their target price on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Truist Financial upped their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,020.17 on Thursday. 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 company has a market cap of $210.16 billion, a PE ratio of 149.37, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99. The company has a 50 day moving average of $1,084.47 and a 200-day moving average of $952.71. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow will post 8.98 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,731 shares of company stock valued at $21,016,751. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. World Investment Advisors LLC grew its holdings in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. International Assets Investment Management LLC lifted its position in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Bank of Montreal Can boosted its stake in ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares during the last quarter. Wellington Management Group LLP increased its holdings in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares in the last quarter. Finally, FMR LLC raised its stake in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during 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.