ServiceNow (NYSE:NOW) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

ServiceNow (NYSE:NOW) had its target price upped by analysts at The Goldman Sachs Group from $1,050.00 to $1,200.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 16.91% from the stock’s current price.

A number of other research analysts have also recently weighed in on the company. UBS Group lifted their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. TD Cowen upped their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Sanford C. Bernstein upped their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Oppenheimer upped their price objective on ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, three 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,071.39.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $22.69 during trading hours on Friday, reaching $1,026.39. 494,336 shares of the stock traded hands, compared to its average volume of 960,125. The company has a 50 day moving average price of $1,062.40 and a 200 day moving average price of $919.80. The firm has a market capitalization of $211.44 billion, a price-to-earnings ratio of 159.63, a P/E/G ratio of 6.43 and a beta of 0.99. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. 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 (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the firm earned $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. On average, equities research analysts expect that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,629 shares of company stock worth $20,861,626. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. State Street Corp grew its stake in ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after acquiring an additional 226,023 shares in the last quarter. FMR LLC grew its stake in ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after acquiring an additional 502,845 shares in the last quarter. World Investment Advisors LLC grew its stake in ServiceNow by 499,668.1% during the 3rd 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 acquiring an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of ServiceNow by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares during the period. Institutional investors and hedge funds 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.