Royal Bank of Canada Boosts ServiceNow (NYSE:NOW) Price Target to $1,210.00

ServiceNow (NYSE:NOW) had its target price increased by equities research analysts at Royal Bank of Canada from $1,045.00 to $1,210.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 13.83% from the company’s current price.

Other analysts have also recently issued reports about the company. Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group raised their price target on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Sanford C. Bernstein increased their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, BMO Capital Markets upped their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,053.89.

ServiceNow Stock Performance

NOW stock traded up $8.63 during trading hours on Friday, reaching $1,062.97. The stock had a trading volume of 177,145 shares, compared to its average volume of 590,370. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a 50-day simple moving average of $1,051.07 and a 200 day simple moving average of $908.48. The stock has a market capitalization of $218.97 billion, a PE ratio of 165.31, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The firm 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%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.21 earnings per share. Analysts predict that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the business’s 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 completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the stock. Truvestments Capital LLC bought a new position in shares of ServiceNow during the 3rd quarter valued at about $30,000. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% during 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. Semmax Financial Advisors Inc. purchased a new stake in ServiceNow in the 2nd quarter worth about $39,000. Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC boosted its stake in shares of ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 21 shares during the period. 87.18% of the stock is currently 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.