ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

ServiceNow (NYSE:NOW) had its price objective hoisted by equities research analysts at Canaccord Genuity Group from $1,200.00 to $1,275.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 24.98% from the stock’s previous close.

Several other research firms have also recently issued reports on NOW. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Robert W. Baird decreased their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, UBS Group boosted their target price 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 research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Trading Up 0.7 %

Shares of NOW opened at $1,020.17 on Thursday. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $210.16 billion, a P/E ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. The stock has a 50-day moving average price of $1,084.47 and a 200 day moving average price of $952.71.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. Sell-side analysts forecast that ServiceNow will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. The trade was a 2.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred 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 sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock valued at $21,016,751 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Large investors have recently modified their holdings of the business. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter valued at about $30,000. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Bank of Jackson Hole Trust bought a new position in ServiceNow in the 4th quarter worth $40,000. Finally, DT Investment Partners LLC raised its stake in shares of ServiceNow by 77.3% in the third 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 during the period. 87.18% of the stock is owned by institutional investors.

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.