ServiceNow (NYSE:NOW) Price Target Raised to $1,020.00

ServiceNow (NYSE:NOW) had its price target hoisted by research analysts at Oppenheimer from $825.00 to $1,020.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Oppenheimer’s price objective indicates a potential upside of 10.65% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Barclays raised their price objective on shares of ServiceNow from $890.00 to $980.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. JMP Securities raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday. UBS Group raised their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a research report on Monday, September 9th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $914.15.

ServiceNow Trading Up 0.5 %

Shares of NOW stock opened at $921.80 on Thursday. ServiceNow has a 12-month low of $527.24 and a 12-month high of $949.59. The company has a market capitalization of $188.97 billion, a P/E ratio of 98.59, a P/E/G ratio of 5.63 and a beta of 0.99. The firm has a 50-day moving average price of $874.61 and a 200 day moving average price of $791.74. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

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

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,267 shares of company stock worth $5,935,447. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after buying an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after purchasing an additional 34,855 shares in the last quarter. Swedbank AB lifted its position in shares of ServiceNow by 10.3% in the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after purchasing an additional 120,983 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of ServiceNow by 21.5% in the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after purchasing an additional 168,734 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of ServiceNow by 1.8% in the second quarter. Clearbridge Investments LLC now owns 677,942 shares of the information technology services provider’s stock worth $533,316,000 after purchasing an additional 11,979 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.