BTIG Research Increases ServiceNow (NYSE:NOW) Price Target to $170.00

ServiceNow (NYSE:NOW) had its price target upped by investment analysts at BTIG Research from $150.00 to $170.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. BTIG Research’s price objective points to a potential upside of 20.30% from the company’s previous close.

A number of other equities research analysts have also recently commented on NOW. Weiss Ratings raised shares of ServiceNow from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a research report on Monday, August 3rd. Guggenheim raised ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Wednesday, July 1st. Truist Financial increased their price target on ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, CLSA began coverage on ServiceNow in a report on Monday, July 20th. They issued an “underperform” rating and a $72.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $144.73.

ServiceNow Trading Up 0.0%

NYSE NOW opened at $141.31 on Tuesday. The business’s fifty day moving average is $118.03 and its 200-day moving average is $108.20. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $146.11 billion, a price-to-earnings ratio of 88.32, a PEG ratio of 2.57 and a beta of 0.97. ServiceNow has a one year low of $81.24 and a one year high of $194.73.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 earnings per share. Equities research analysts predict that ServiceNow will post 2.24 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the transaction, the director owned 43,990 shares in the company, valued at $5,960,645. This trade represents a 5.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline Canney sold 7,847 shares of ServiceNow stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the transaction, the insider directly owned 30,042 shares of the company’s stock, valued at $4,145,796. The trade was a 20.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 14,081 shares of company stock valued at $1,937,904. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Wealth Watch Advisors INC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $29,000. Kelleher Financial Advisors bought a new stake in ServiceNow during the third quarter valued at approximately $50,000. Pin Oak Investment Advisors Inc. grew its stake in ServiceNow by 20.7% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock worth $123,000 after buying an additional 23 shares in the last quarter. Jupiter Wealth Management LLC bought a new position in shares of ServiceNow in the 2nd quarter worth $154,000. Finally, CBIZ Investment Advisory Services LLC raised its position in shares of ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.