ServiceNow (NYSE:NOW) Given New $1,200.00 Price Target at Piper Sandler

ServiceNow (NYSE:NOW) had its target price raised by equities research analysts at Piper Sandler from $1,000.00 to $1,200.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price objective points to a potential upside of 13.98% from the stock’s previous close.

A number of other equities analysts also recently weighed in on NOW. UBS Group boosted their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. boosted their target price on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $900.00 to $960.00 in a report on Monday, October 21st. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, Barclays raised their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,061.04.

ServiceNow Trading Down 2.2 %

NYSE NOW opened at $1,052.82 on Monday. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average of $1,058.15 and a 200-day moving average of $917.99. The company has a market cap of $216.88 billion, a PE ratio of 163.74, a PEG ratio of 6.43 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.21 earnings per share. On average, equities research analysts anticipate that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock valued at $20,861,626 over the last three months. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter worth about $30,000. DT Investment Partners LLC grew its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Oakworth Capital Inc. increased its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the period. Semmax Financial Advisors Inc. bought a new position in ServiceNow in the 2nd quarter valued at approximately $39,000. Finally, Dunhill Financial LLC boosted its position in ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after buying an additional 21 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.