Citigroup Increases ServiceNow (NYSE:NOW) Price Target to $906.00

ServiceNow (NYSE:NOW) had its target price lifted by research analysts at Citigroup from $896.00 to $906.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price target points to a potential upside of 26.85% from the stock’s current price.

Several other analysts have also recently commented on NOW. Truist Financial lifted their price objective on shares of ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a research note on Tuesday. Robert W. Baird boosted their target price on shares of ServiceNow from $780.00 to $870.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Guggenheim reiterated a “neutral” rating on shares of ServiceNow in a research note on Monday, April 15th. Finally, The Goldman Sachs Group boosted their target price on shares of ServiceNow from $800.00 to $910.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned 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 $780.37.

ServiceNow Stock Down 2.3 %

Shares of ServiceNow stock opened at $714.21 on Thursday. The firm’s 50 day moving average price is $764.19 and its 200-day moving average price is $701.74. 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 has a 52-week low of $427.68 and a 52-week high of $815.32. The company has a market cap of $146.69 billion, a P/E ratio of 84.92, a PEG ratio of 4.65 and a beta of 0.97.

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, topping analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, sell-side analysts predict that ServiceNow will post 6.16 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 5,159 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul John Smith sold 5,159 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now directly 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. Insiders sold 13,164 shares of company stock valued at $9,940,303 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the company. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $29,000. AdvisorNet Financial Inc grew its holdings in shares of ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 32 shares during the period. Sachetta LLC purchased a new position in ServiceNow during the fourth quarter worth about $35,000. PFG Private Wealth Management LLC purchased a new position in ServiceNow during the third quarter worth about $28,000. Finally, Disciplined Equity Management Inc. purchased a new position in ServiceNow during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.