ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00 at Oppenheimer

ServiceNow (NYSE:NOW) had its price objective boosted by Oppenheimer from $1,150.00 to $1,200.00 in a report issued on Thursday,Benzinga reports. Oppenheimer currently has an outperform rating on the information technology services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday. Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Stock Performance

NOW opened at $1,011.67 on Thursday. The company has a market cap of $208.40 billion, a price-to-earnings ratio of 148.12, a PEG ratio of 5.19 and a beta of 0.99. The company’s fifty day moving average price is $1,085.21 and its two-hundred day moving average price is $952.30. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. On average, analysts expect that ServiceNow will post 8.98 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated 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 owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock worth $21,016,751 in the last three months. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in ServiceNow in the 3rd quarter worth approximately $30,000. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter worth about $37,000. Stonebridge Financial Group LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $37,000. DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Finally, Avion Wealth increased its stake in ServiceNow by 44.8% in the 4th quarter. Avion Wealth now owns 42 shares of the information technology services provider’s stock worth $44,000 after purchasing an additional 13 shares during the period. 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.