The Goldman Sachs Group Boosts ServiceNow (NYSE:NOW) Price Target to $1,200.00

ServiceNow (NYSE:NOW) had its target price upped by equities researchers at The Goldman Sachs Group from $1,050.00 to $1,200.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 17.16% from the company’s previous close.

A number of other research firms have also recently weighed in on NOW. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Robert W. Baird lifted their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Jefferies Financial Group increased their target price on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, UBS Group lifted their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,071.39.

ServiceNow Price Performance

NYSE:NOW opened at $1,024.26 on Friday. 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 has a 52 week low of $637.99 and a 52 week high of $1,157.90. The stock’s 50-day moving average price is $1,064.01 and its 200-day moving average price is $922.94. The stock has a market capitalization of $211.00 billion, a PE ratio of 159.29, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued 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. The company 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%. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 earnings per share. As a group, equities analysts expect that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’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 $2,588,953.65. This trade represents a 82.54 % 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 currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently bought and sold shares of the company. Polymer Capital Management HK LTD boosted its holdings in ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares during the period. AXA S.A. raised its position in ServiceNow by 1.1% in the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after purchasing an additional 4,271 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares during the period. Venturi Wealth Management LLC grew its position in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares in the last quarter. Finally, HWG Holdings LP acquired a new position in shares of ServiceNow during the second quarter worth about $2,679,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.