ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00

ServiceNow (NYSE:NOW) had its target price upped by Needham & Company LLC from $1,075.00 to $1,150.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

A number of other research firms have also recently weighed in on NOW. Royal Bank of Canada upped their price target on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Wells Fargo & Company lifted their price target on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Barclays boosted their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Sanford C. Bernstein raised their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $989.07.

ServiceNow Price Performance

ServiceNow stock opened at $1,041.40 on Monday. The company has a market cap of $214.53 billion, a P/E ratio of 161.96, a price-to-earnings-growth ratio of 6.04 and a beta of 0.98. ServiceNow has a one year low of $637.99 and a one year high of $1,072.84. The business has a fifty day moving average of $960.84 and a two-hundred day moving average of $843.79. 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 (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the business earned $1.21 earnings per share. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, analysts predict that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 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 $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,329 shares of company stock worth $20,547,241. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently bought and sold shares of the business. State Street Corp boosted its position in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after buying an additional 226,023 shares during the period. FMR LLC boosted its holdings in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares during the period. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares during the period. Geode Capital Management LLC grew its position in ServiceNow by 1.9% in the third 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 acquiring an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of ServiceNow by 24.1% during the third 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 purchasing an additional 615,797 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Company Profile

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.