ServiceNow (NYSE:NOW) Sets New 52-Week High After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price hit a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $890.00 to $980.00. Barclays currently has an overweight rating on the stock. ServiceNow traded as high as $948.69 and last traded at $946.14, with a volume of 361489 shares. The stock had previously closed at $938.65.

Other analysts have also recently issued reports about the stock. Guggenheim reiterated a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. TD Cowen upped their price target on ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Piper Sandler upped their target price on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Wells Fargo & Company lifted their price target on shares of ServiceNow from $935.00 to $1,025.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $880.04.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at $9,479,250. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Swedbank AB acquired a new stake in shares of ServiceNow in the first quarter valued at about $897,908,000. Global Assets Advisory LLC acquired a new stake in ServiceNow in the 1st quarter worth about $403,034,000. Vanguard Group Inc. increased its stake in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of ServiceNow during the second quarter valued at approximately $218,786,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of ServiceNow by 18.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after acquiring an additional 271,153 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

The stock has a 50 day moving average price of $858.21 and a 200-day moving average price of $785.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market capitalization of $193.35 billion, a price-to-earnings ratio of 170.56, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the business posted $0.77 earnings per share. The firm’s revenue was up 22.2% compared to the same quarter last year. On average, analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

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.