ServiceNow (NYSE:NOW) Reaches New 12-Month High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) reached a new 52-week high during trading on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $1,040.00 and last traded at $1,036.06, with a volume of 93164 shares trading hands. The stock had previously closed at $1,036.01.

Other research analysts have also issued research reports about the company. Stifel Nicolaus boosted their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday. Oppenheimer lifted their target price on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Evercore ISI raised their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Sanford C. Bernstein lifted their price objective on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $974.04.

Insider Buying and Selling

In related news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares in the company, valued at approximately $3,319,372.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,359 shares of company stock valued at $5,038,241. Insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several large investors have recently added to or reduced their stakes in the stock. Creekmur Asset Management LLC acquired a new stake in shares of ServiceNow during the first quarter valued at about $25,000. Versant Capital Management Inc grew its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC increased its stake in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in ServiceNow in the second quarter valued at $32,000. Finally, DT Investment Partners LLC grew its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

The company has a market cap of $215.95 billion, a P/E ratio of 163.03, a P/E/G ratio of 5.79 and a beta of 0.98. The company’s 50-day moving average price is $916.20 and its two-hundred day moving average price is $815.82. 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 (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during 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% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

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.