ServiceNow (NYSE:NOW) Shares Gap Up Following Analyst Upgrade

Shares of ServiceNow, Inc. (NYSE:NOW) gapped up prior to trading on Tuesday after Evercore ISI raised their price target on the stock from $850.00 to $950.00. The stock had previously closed at $905.94, but opened at $925.97. Evercore ISI currently has an outperform rating on the stock. ServiceNow shares last traded at $923.67, with a volume of 149,317 shares trading hands.

A number of other research analysts have also issued reports on NOW. Truist Financial boosted their target price on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Piper Sandler increased their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Canaccord Genuity Group restated a “buy” rating and issued a $835.00 target price on shares of ServiceNow in a research report on Tuesday, July 23rd. JMP Securities boosted their price target on ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $900.00 price target on shares of ServiceNow in a report on Monday, September 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $869.46.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,914 shares of company stock worth $5,608,936. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors have recently made changes to their positions in NOW. Morling Financial Advisors LLC lifted its position in ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after buying an additional 13 shares in the last quarter. Optas LLC raised its holdings in shares of ServiceNow by 1.7% during the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after acquiring an additional 14 shares in the last quarter. Cedar Wealth Management LLC boosted its position in ServiceNow by 5.5% during the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock valued at $204,000 after purchasing an additional 14 shares during the last quarter. Financial Advocates Investment Management boosted its position in ServiceNow by 2.7% during the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 14 shares during the last quarter. Finally, Ndwm LLC grew its stake in ServiceNow by 0.6% in the second quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock valued at $1,900,000 after purchasing an additional 14 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

The firm has a 50-day simple moving average of $853.04 and a two-hundred day simple moving average of $782.83. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $192.54 billion, a price-to-earnings ratio of 98.45, a price-to-earnings-growth ratio of 5.55 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its 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. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company’s revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

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.