ServiceNow (NYSE:NOW) Price Target Raised to $1,100.00

ServiceNow (NYSE:NOW) had its price target increased by Truist Financial from $900.00 to $1,100.00 in a research report released on Thursday,Benzinga reports. They currently have a hold rating on the information technology services provider’s stock.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. raised their target price on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Mizuho boosted their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Citigroup upped their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Finally, Barclays raised their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,034.96.

ServiceNow Trading Down 2.4 %

NOW opened at $1,121.10 on Thursday. The firm has a market cap of $230.95 billion, a price-to-earnings ratio of 174.35, a PEG ratio of 6.58 and a beta of 0.99. The stock has a fifty day moving average price of $1,006.82 and a 200-day moving average price of $871.88. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. 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 analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the company earned $1.21 earnings per share. The company’s revenue was up 22.2% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter worth about $30,000. DT Investment Partners LLC raised its stake in shares of 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 buying an additional 17 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at approximately $32,000. Oakworth Capital Inc. boosted its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares in the last quarter. Finally, Semmax Financial Advisors Inc. acquired a new position in ServiceNow during the second quarter worth $39,000. 87.18% of the stock is 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.