ServiceNow (NYSE:NOW) Price Target Raised to $1,055.00

ServiceNow (NYSE:NOW) had its price target hoisted by research analysts at UBS Group from $900.00 to $1,055.00 in a research report issued on Tuesday, Briefing.com reports. The firm presently has a “buy” rating on the information technology services provider’s stock. UBS Group’s price objective points to a potential upside of 14.24% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Piper Sandler lifted their price target on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird lifted their target price on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada lifted their target price on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, JMP Securities boosted their price target on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $866.24.

ServiceNow Stock Up 1.9 %

Shares of NYSE:NOW traded up $17.57 during trading on Tuesday, hitting $923.51. 386,006 shares of the company’s stock traded hands, compared to its average volume of 1,279,878. The company has a 50-day moving average price of $850.57 and a 200-day moving average price of $781.79. ServiceNow has a 52 week low of $527.24 and a 52 week high of $945.46. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The company has a market cap of $189.32 billion, a price-to-earnings ratio of 98.96, a price-to-earnings-growth ratio of 5.55 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 EPS. As a group, research analysts forecast that ServiceNow will post 6.78 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock valued at $5,608,936 over the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently added to or reduced their stakes in NOW. Regal Investment Advisors LLC increased its holdings in shares of ServiceNow by 6.0% in the fourth quarter. Regal Investment Advisors LLC now owns 764 shares of the information technology services provider’s stock worth $540,000 after buying an additional 43 shares during the period. Cresset Asset Management LLC boosted its position in ServiceNow by 121.7% during the 4th quarter. Cresset Asset Management LLC now owns 23,821 shares of the information technology services provider’s stock valued at $16,829,000 after acquiring an additional 133,693 shares in the last quarter. Ethic Inc. boosted its position in ServiceNow by 12.2% during the 4th quarter. Ethic Inc. now owns 17,838 shares of the information technology services provider’s stock valued at $12,602,000 after acquiring an additional 1,945 shares in the last quarter. Alta Park Capital LP bought a new stake in ServiceNow during the 4th quarter valued at approximately $43,117,000. Finally, Left Brain Wealth Management LLC boosted its position in ServiceNow by 1.5% during the 4th quarter. Left Brain Wealth Management LLC now owns 4,660 shares of the information technology services provider’s stock valued at $3,292,000 after acquiring an additional 67 shares in the last quarter. Institutional investors 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.