Canaccord Genuity Group Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target raised by equities researchers at Canaccord Genuity Group from $1,200.00 to $1,275.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 24.53% from the company’s current price.

Several other research analysts have also recently weighed in on NOW. Citigroup boosted their target price on ServiceNow from $1,071.00 to $1,432.00 and gave the stock a “buy” rating in a report on Monday. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Guggenheim restated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Finally, JMP Securities reissued a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,023.88 on Thursday. The firm’s 50 day simple moving average is $1,084.47 and its 200-day simple moving average is $952.71. The stock has a market capitalization of $210.92 billion, a price-to-earnings ratio of 150.00, a PEG ratio of 5.19 and a beta of 0.99. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. Analysts expect that ServiceNow will post 8.98 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Large investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC acquired a new stake in ServiceNow during the 3rd quarter valued at $30,000. DT Investment Partners LLC grew its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter worth $37,000. Stonebridge Financial Group LLC bought a new position in shares of ServiceNow during the 4th quarter valued at $37,000. Finally, Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.