ServiceNow (NYSE:NOW) Shares Up 0.3% After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price shot up 0.3% during trading on Thursday after Citigroup raised their price target on the stock from $896.00 to $906.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $738.42 and last traded at $738.34. 197,665 shares were traded during trading, a decline of 83% from the average session volume of 1,163,068 shares. The stock had previously closed at $736.45.

NOW has been the topic of several other research reports. Royal Bank of Canada raised their target price on shares of ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a report on Tuesday. KeyCorp began coverage on ServiceNow in a research report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 target price on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $820.00 price target on shares of ServiceNow in a research report on Wednesday, March 20th. Finally, Barclays raised their price objective on shares of ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a report on Tuesday, January 23rd. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $780.37.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 1,180 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the transaction, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock worth $9,940,303 over the last three months. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 18,118,773 shares of the information technology services provider’s stock valued at $12,800,732,000 after purchasing an additional 364,992 shares during the period. State Street Corp boosted its stake in shares of ServiceNow by 1.8% during the 1st quarter. State Street Corp now owns 8,082,154 shares of the information technology services provider’s stock worth $3,755,904,000 after acquiring an additional 141,744 shares in the last quarter. Morgan Stanley grew its holdings in shares of ServiceNow by 4.3% in the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock worth $2,745,763,000 after acquiring an additional 288,522 shares during the period. FMR LLC raised its holdings in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after purchasing an additional 595,697 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in ServiceNow by 2.3% during the first quarter. Geode Capital Management LLC now owns 3,589,941 shares of the information technology services provider’s stock worth $1,663,879,000 after purchasing an additional 79,037 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

The company has a market cap of $150.23 billion, a price-to-earnings ratio of 86.98, a price-to-earnings-growth ratio of 4.71 and a beta of 0.97. The company has a fifty day simple moving average of $766.17 and a two-hundred day simple moving average of $700.64. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business’s revenue was up 25.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. On average, equities research analysts anticipate that ServiceNow, Inc. will post 6.16 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.