ServiceNow (NYSE:NOW) Reaches New 1-Year High After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price hit a new 52-week high during mid-day trading on Tuesday after TD Cowen raised their price target on the stock from $1,025.00 to $1,300.00. TD Cowen currently has a buy rating on the stock. ServiceNow traded as high as $1,147.00 and last traded at $1,139.73, with a volume of 286142 shares changing hands. The stock had previously closed at $1,120.48.

A number of other research firms have also commented on NOW. JMP Securities raised their price objective 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. BMO Capital Markets boosted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Canaccord Genuity Group upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Robert W. Baird upped their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,022.37.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of ServiceNow 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 $2,372,993.40. Following the sale, the director now owns 11,000 shares in the company, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now owns 10,467 shares in the company, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

Large investors have recently made changes to their positions in the company. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter valued at approximately $30,000. DT Investment Partners LLC lifted its holdings in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $32,000. Oakworth Capital Inc. grew its stake in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the last quarter. Finally, Semmax Financial Advisors Inc. acquired a new position in ServiceNow during the second quarter worth approximately $39,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

The company has a fifty day moving average price of $987.03 and a two-hundred day moving average price of $861.55. The firm has a market capitalization of $232.47 billion, a price-to-earnings ratio of 175.51, a P/E/G ratio of 6.45 and a beta of 0.99. 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 released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.