ServiceNow (NYSE:NOW) Price Target Raised to $1,300.00 at JMP Securities

ServiceNow (NYSE:NOW) had its price target increased by JMP Securities from $1,000.00 to $1,300.00 in a research report sent to investors on Tuesday,Benzinga reports. JMP Securities currently has a market outperform rating on the information technology services provider’s stock.

A number of other equities research analysts also recently weighed in on NOW. Canaccord Genuity Group boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Mizuho boosted their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. UBS Group raised their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Barclays boosted their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Citigroup raised their price objective on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,090.72.

ServiceNow Stock Up 2.4 %

Shares of NYSE:NOW opened at $1,097.53 on Tuesday. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. The firm has a market cap of $226.09 billion, a P/E ratio of 170.69, a P/E/G ratio of 4.85 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. The company’s 50-day moving average price is $1,070.37 and its two-hundred day moving average price is $935.27.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter last year, the business posted $1.21 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, research analysts forecast that ServiceNow will post 7.06 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $7,007,026.71. This represents a 21.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred 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 directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock worth $21,016,751 over the last ninety days. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Polymer Capital Management HK LTD lifted its stake 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 acquiring an additional 981 shares during the last quarter. AXA S.A. lifted its stake 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 during the last quarter. Avidian Wealth Enterprises LLC grew its holdings in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the period. Venturi Wealth Management LLC increased its position in 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 during the last quarter. Finally, Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $105,090,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Company Profile

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.