Oppenheimer Boosts ServiceNow (NYSE:NOW) Price Target to $1,200.00

ServiceNow (NYSE:NOW) had its price target hoisted by stock analysts at Oppenheimer from $1,150.00 to $1,200.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Oppenheimer’s price target would suggest a potential upside of 17.63% from the stock’s previous close.

NOW has been the topic of a number of other reports. Jefferies Financial Group increased their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Barclays increased their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Truist Financial boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. The Goldman Sachs Group upped their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Robert W. Baird cut their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Price Performance

NOW opened at $1,020.17 on Thursday. The company has a market capitalization of $210.16 billion, a price-to-earnings ratio of 149.37, a PEG ratio of 5.19 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business’s fifty day simple moving average is $1,084.47 and its 200-day simple moving average is $952.71.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. On average, equities research analysts anticipate that ServiceNow will post 8.98 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock valued at $21,016,751 in the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NOW. World Investment Advisors LLC increased its stake in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after buying an additional 1,183,739 shares in the last quarter. Bank of Montreal Can raised its stake in shares of ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after buying an additional 935,848 shares during the period. Wellington Management Group LLP raised its stake in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares during the period. Finally, FMR LLC lifted its position in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares in the last quarter. Institutional investors and hedge funds 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.