ServiceNow (NYSE:NOW) Hits New 52-Week High on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares hit a new 52-week high during trading on Monday after Citigroup raised their price target on the stock from $1,071.00 to $1,432.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $1,161.76 and last traded at $1,156.57, with a volume of 524967 shares trading hands. The stock had previously closed at $1,124.98.

Several other equities analysts have also recently commented on NOW. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. The Goldman Sachs Group boosted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada raised their price target on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, January 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 two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,105.79.

Insider Activity at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GHP Investment Advisors Inc. grew its holdings in shares of ServiceNow by 9.4% during the 4th quarter. GHP Investment Advisors Inc. now owns 210 shares of the information technology services provider’s stock valued at $223,000 after acquiring an additional 18 shares in the last quarter. Argus Investors Counsel Inc. purchased a new position in ServiceNow in the fourth quarter valued at about $201,000. Geneva Partners LLC increased its position in ServiceNow by 37.6% in the 4th quarter. Geneva Partners LLC now owns 7,577 shares of the information technology services provider’s stock worth $8,033,000 after purchasing an additional 2,070 shares during the last quarter. YANKCOM Partnership purchased a new stake in shares of ServiceNow during the 4th quarter worth about $409,000. Finally, Bleakley Financial Group LLC raised its stake in shares of ServiceNow by 6.4% during the 4th quarter. Bleakley Financial Group LLC now owns 4,134 shares of the information technology services provider’s stock worth $4,382,000 after purchasing an additional 250 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.4 %

The stock has a market cap of $234.98 billion, a price-to-earnings ratio of 177.40, a P/E/G ratio of 5.11 and a beta of 0.99. The business has a fifty day moving average of $1,077.07 and a 200 day moving average of $945.28. 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 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.