ServiceNow (NYSE:NOW) Given New $1,210.00 Price Target at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price target hoisted by Royal Bank of Canada from $1,045.00 to $1,210.00 in a report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets increased their target price on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. JMP Securities lifted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Citigroup lifted their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Oppenheimer raised their price target on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and one has given 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 $1,053.89.

ServiceNow Trading Up 1.8 %

NOW stock opened at $1,073.77 on Friday. The stock has a market cap of $221.20 billion, a price-to-earnings ratio of 166.99, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The company has a fifty day moving average price of $1,051.07 and a two-hundred day moving average price of $908.48.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.21 EPS. Equities analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds have recently bought and sold shares of the company. Altus Wealth Group LLC boosted its stake in shares of ServiceNow by 3.0% in the 2nd quarter. Altus Wealth Group LLC now owns 3,124 shares of the information technology services provider’s stock valued at $2,458,000 after purchasing an additional 91 shares in the last quarter. Victory Capital Management Inc. boosted its position in ServiceNow by 18.0% during the second quarter. Victory Capital Management Inc. now owns 252,054 shares of the information technology services provider’s stock valued at $198,283,000 after buying an additional 38,462 shares during the period. Arizona State Retirement System grew its stake in shares of ServiceNow by 1.0% during the second quarter. Arizona State Retirement System now owns 59,430 shares of the information technology services provider’s stock valued at $46,752,000 after buying an additional 602 shares during the last quarter. Blue Barn Wealth LLC increased its holdings in shares of ServiceNow by 4.4% in the second quarter. Blue Barn Wealth LLC now owns 621 shares of the information technology services provider’s stock worth $489,000 after buying an additional 26 shares during the period. Finally, Arcadia Investment Management Corp MI lifted its stake in shares of ServiceNow by 7.6% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 13,447 shares of the information technology services provider’s stock valued at $10,578,000 after acquiring an additional 948 shares during 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.