ServiceNow (NYSE:NOW) Price Target Raised to $1,300.00

ServiceNow (NYSE:NOW) had its price target hoisted by stock analysts at TD Cowen from $1,025.00 to $1,300.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s target price would suggest a potential upside of 15.35% from the stock’s previous close.

NOW has been the subject of a number of other reports. Sanford C. Bernstein lifted their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Piper Sandler lifted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price target on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Stifel Nicolaus lifted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, Needham & Company LLC lifted their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,022.37.

ServiceNow Trading Up 0.6 %

Shares of ServiceNow stock traded up $6.50 during trading on Tuesday, hitting $1,126.98. The stock had a trading volume of 741,751 shares, compared to its average volume of 1,278,069. The stock has a 50 day simple moving average of $987.03 and a 200 day simple moving average of $861.55. The company has a market capitalization of $232.16 billion, a PE ratio of 175.67, a P/E/G ratio of 6.45 and a beta of 0.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,147.37.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. On average, research analysts expect that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Activity

In related news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock worth $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC acquired a new position in ServiceNow during the 3rd quarter valued at about $30,000. DT Investment Partners LLC lifted its position in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the period. Ridgewood Investments LLC acquired a new position in ServiceNow during the 2nd quarter valued at about $32,000. Oakworth Capital Inc. lifted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. Finally, Semmax Financial Advisors Inc. acquired a new position in ServiceNow during the 2nd quarter valued at about $39,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.