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

ServiceNow (NYSE:NOW) had its price target upped by analysts at JPMorgan Chase & Co. from $950.00 to $1,250.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 22.59% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Needham & Company LLC increased their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Barclays upped their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Oppenheimer lifted their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their target price 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Stock Performance

NOW opened at $1,019.65 on Wednesday. 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 firm has a market capitalization of $210.05 billion, a PE ratio of 150.00, a P/E/G ratio of 5.19 and a beta of 0.99. The firm has a 50 day moving average of $1,084.47 and a two-hundred day moving average of $952.71. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. On average, analysts anticipate that ServiceNow will post 8.98 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback plan 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOW. Truvestments Capital LLC bought a new position in shares of ServiceNow in the third quarter valued at about $30,000. DT Investment Partners LLC grew its stake in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Finally, Oakworth Capital Inc. lifted its holdings in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 14 shares during the last quarter. 87.18% of the stock is 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.