Jefferies Financial Group Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective lifted by equities researchers at Jefferies Financial Group from $1,100.00 to $1,250.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 19.11% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. JMP Securities upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. KeyCorp upped their price target on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. TD Cowen upped their target price on shares of ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Scotiabank began coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $994.43.

ServiceNow Trading Up 0.8 %

NYSE NOW opened at $1,049.44 on Monday. The firm has a market capitalization of $216.18 billion, a price-to-earnings ratio of 163.21, a PEG ratio of 6.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow has a one year low of $637.99 and a one year high of $1,072.84. The company’s 50 day moving average price is $963.10 and its 200 day moving average price is $847.50.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter last year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow will post 7.07 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, 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. Insiders have sold 20,329 shares of company stock valued at $20,547,241 over the last quarter. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares during the period. Park Avenue Securities LLC increased its holdings in shares of ServiceNow by 4.2% during the second quarter. Park Avenue Securities LLC now owns 10,133 shares of the information technology services provider’s stock valued at $7,971,000 after purchasing an additional 413 shares during the period. Fiduciary Alliance LLC bought a new stake in shares of ServiceNow during the second quarter valued at about $258,000. Cullinan Associates Inc. lifted its holdings in ServiceNow by 90.9% in the second quarter. Cullinan Associates Inc. now owns 2,100 shares of the information technology services provider’s stock worth $1,652,000 after purchasing an additional 1,000 shares during the period. Finally, Linden Thomas Advisory Services LLC grew its position in ServiceNow by 106.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,029 shares of the information technology services provider’s stock valued at $3,169,000 after buying an additional 2,079 shares in 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.