ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

ServiceNow (NYSE:NOW) had its price target lifted by equities researchers at Needham & Company LLC from $1,075.00 to $1,150.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 7.47% from the company’s previous close.

Several other equities research analysts have also recently weighed in on NOW. 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 report on Friday, October 25th. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Stifel Nicolaus raised their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Jefferies Financial Group upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, UBS Group lifted their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Stock Up 1.6 %

NOW opened at $1,070.07 on Monday. The firm’s 50-day simple moving average is $955.40 and its 200-day simple moving average is $841.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,072.84. The firm has a market cap of $220.43 billion, a price-to-earnings ratio of 166.42, a PEG ratio of 6.09 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. Equities research analysts anticipate that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’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 transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,787 shares of company stock valued at $17,841,028. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently modified their holdings of the business. Quent Capital LLC grew its stake in shares of ServiceNow by 4.1% in the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after buying an additional 30 shares in the last quarter. EntryPoint Capital LLC increased its stake in shares of ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of ServiceNow by 31.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,859 shares of the information technology services provider’s stock worth $2,942,000 after purchasing an additional 931 shares during the last quarter. Redwood Investment Management LLC bought a new stake in shares of ServiceNow in the 1st quarter valued at about $254,000. Finally, Creekmur Asset Management LLC acquired a new stake in ServiceNow in the 1st quarter valued at about $25,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.