Mizuho Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its target price hoisted by Mizuho from $980.00 to $1,070.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the information technology services provider’s stock.

A number of other analysts have also weighed in on NOW. BMO Capital Markets upped their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Evercore ISI upped their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Citigroup increased their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, JMP Securities increased their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $986.39.

ServiceNow Trading Up 1.3 %

NYSE NOW opened at $1,060.57 on Tuesday. The company’s 50-day moving average price is $948.53 and its 200-day moving average price is $834.64. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $218.48 billion, a PE ratio of 164.94, a PEG ratio of 5.87 and a beta of 0.98. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,064.59.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 earnings per share. Equities research analysts forecast that ServiceNow will post 7.07 earnings per share for the current year.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,027,502.32. The trade was a 33.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,644 shares of company stock worth $19,381,744 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. purchased a new position in ServiceNow in the 3rd quarter valued at $202,000. Anchor Investment Management LLC lifted its holdings in ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock valued at $1,220,000 after purchasing an additional 78 shares in the last quarter. Virtu Financial LLC purchased a new position in ServiceNow in the 3rd quarter valued at $9,833,000. Soltis Investment Advisors LLC lifted its holdings in ServiceNow by 3.5% in the 3rd quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider’s stock valued at $508,000 after purchasing an additional 19 shares in the last quarter. Finally, Coldstream Capital Management Inc. lifted its holdings in ServiceNow by 65.5% in the 3rd quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider’s stock valued at $5,647,000 after purchasing an additional 2,342 shares in the last quarter. Hedge funds and other 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.