ServiceNow (NYSE:NOW) Trading 0.1% Higher After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price shot up 0.1% during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $875.00 to $900.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $743.03 and last traded at $736.74. 330,609 shares traded hands during trading, a decline of 72% from the average session volume of 1,171,895 shares. The stock had previously closed at $735.81.

A number of other equities research analysts have also recently issued reports on the stock. Mizuho upped their price objective on shares of ServiceNow from $750.00 to $820.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Piper Sandler upped their price target on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Oppenheimer raised their price objective on ServiceNow from $750.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Robert W. Baird boosted their target price on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, UBS Group increased their price target on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $780.00.

Insider Activity

In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the sale, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the sale, the insider now directly owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,164 shares of company stock worth $9,940,303. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several large investors have recently made changes to their positions in NOW. Norges Bank acquired a new position in ServiceNow in the fourth quarter valued at about $1,648,259,000. Moneta Group Investment Advisors LLC boosted its holdings in shares of ServiceNow by 69,897.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock worth $332,386,000 after acquiring an additional 854,846 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of ServiceNow by 69,354.6% in the 4th 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 in the last quarter. FMR LLC grew its position in ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after acquiring an additional 595,697 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in ServiceNow by 129.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 994,367 shares of the information technology services provider’s stock valued at $386,082,000 after purchasing an additional 560,908 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 1.2 %

The company has a 50-day simple moving average of $767.53 and a 200-day simple moving average of $700.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $151.09 billion, a P/E ratio of 87.48, a P/E/G ratio of 4.65 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 6.16 EPS for the current fiscal 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.