ServiceNow, Inc. (NYSE:NOW) Receives $1,055.83 Consensus Price Target from Analysts

Shares of ServiceNow, Inc. (NYSE:NOW) have been assigned an average rating of “Moderate Buy” from the thirty-three ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $1,062.50.

Several brokerages recently weighed in on NOW. Mizuho dropped their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Royal Bank of Canada boosted their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 6th. BMO Capital Markets boosted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI boosted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, Raymond James dropped their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $67,518.00. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,096,621. The trade was a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,872 shares of company stock valued at $13,261,400. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. GAMMA Investing LLC raised its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $2,603,360,000. Nuveen LLC acquired a new position in shares of ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.5%

Shares of NYSE:NOW opened at $1,040.22 on Friday. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business’s fifty day simple moving average is $863.52 and its 200-day simple moving average is $973.12. The company has a market capitalization of $215.33 billion, a PE ratio of 152.30, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period last year, the business posted $3.41 EPS. The business’s revenue was up 18.6% compared to the same quarter last year. As a group, equities research analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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.