Oppenheimer Raises ServiceNow (NYSE:NOW) Price Target to $1,150.00

ServiceNow (NYSE:NOW) had its target price increased by equities researchers at Oppenheimer from $1,020.00 to $1,150.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Oppenheimer’s price target suggests a potential upside of 9.42% from the company’s previous close.

A number of other analysts have also weighed in on NOW. Barclays raised their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. 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 note on Tuesday, October 8th. Sanford C. Bernstein increased their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, TD Cowen increased their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $999.07.

ServiceNow Price Performance

Shares of NOW traded up $2.57 during trading hours on Tuesday, hitting $1,051.00. The stock had a trading volume of 104,344 shares, compared to its average volume of 1,274,908. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,072.84. The stock has a market capitalization of $216.51 billion, a price-to-earnings ratio of 163.05, a P/E/G ratio of 6.02 and a beta of 0.99. The company’s fifty day moving average is $963.10 and its two-hundred day moving average is $847.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 earnings per share. On average, analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The transaction 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 the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,329 shares of company stock worth $20,547,241 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Avidian Wealth Enterprises LLC grew its holdings in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after acquiring an additional 765 shares during the period. AXA S.A. increased its holdings in shares of ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after acquiring an additional 4,271 shares during the last quarter. HWG Holdings LP acquired a new stake in ServiceNow during the 2nd quarter valued at $2,679,000. Finally, Brookstone Capital Management boosted its position in ServiceNow by 25.5% during the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock worth $10,595,000 after purchasing an additional 2,928 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

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.