ServiceNow (NYSE:NOW) Price Target Raised to $880.00

ServiceNow (NYSE:NOW) had its target price upped by Royal Bank of Canada from $850.00 to $880.00 in a report issued on Thursday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the information technology services provider’s stock.

A number of other research analysts have also weighed in on NOW. William Blair restated an outperform rating on shares of ServiceNow in a report on Tuesday, May 7th. Piper Sandler raised their price objective on ServiceNow from $830.00 to $850.00 and gave the company an overweight rating in a report on Thursday. UBS Group decreased their price objective on ServiceNow from $920.00 to $875.00 and set a buy rating on the stock in a report on Thursday, April 25th. Jefferies Financial Group raised their price objective on ServiceNow from $885.00 to $900.00 and gave the company a buy rating in a report on Wednesday, April 10th. Finally, Needham & Company LLC restated a buy rating and issued a $900.00 price objective on shares of ServiceNow in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $842.22.

ServiceNow Price Performance

ServiceNow stock opened at $827.61 on Thursday. The company’s fifty day moving average price is $744.03 and its 200 day moving average price is $751.55. ServiceNow has a 1 year low of $527.24 and a 1 year high of $850.33. The stock has a market capitalization of $170.49 billion, a P/E ratio of 88.51, a P/E/G ratio of 5.17 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter last year, the company earned $0.77 EPS. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, equities research analysts anticipate that ServiceNow will post 6.5 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 602 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $769.75, for a total value of $463,389.50. Following the completion of the sale, the insider now owns 3,619 shares in the company, valued at $2,785,725.25. The sale was disclosed in a document filed with the SEC, which is available through this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $738.88, for a total transaction of $1,329,984.00. Following the completion of the transaction, the chief financial officer now owns 13,290 shares in the company, valued at $9,819,715.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul John Smith sold 602 shares of ServiceNow stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $769.75, for a total transaction of $463,389.50. Following the transaction, the insider now owns 3,619 shares of the company’s stock, valued at approximately $2,785,725.25. The disclosure for this sale can be found here. Insiders sold a total of 5,530 shares of company stock valued at $3,997,012 in the last three months. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. Norges Bank acquired a new position in ServiceNow during the fourth quarter worth about $1,648,259,000. Swedbank AB acquired a new position in ServiceNow during the first quarter worth about $897,908,000. International Assets Investment Management LLC raised its position in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after acquiring an additional 820,465 shares during the last quarter. Global Assets Advisory LLC acquired a new position in ServiceNow during the first quarter worth about $403,034,000. Finally, Cerity Partners LLC raised its position in ServiceNow by 1,073.7% during the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after acquiring an additional 371,648 shares during 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.