Bank of America Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective upped by equities research analysts at Bank of America from $1,085.00 to $1,110.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Bank of America‘s price objective indicates a potential upside of 15.95% from the stock’s current price.

Other analysts have also recently issued reports about the company. UBS Group reaffirmed a “buy” rating and set a $1,025.00 price objective (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $1,050.00 price objective on shares of ServiceNow in a research report on Tuesday, May 6th. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and boosted their price target for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Guggenheim reissued a “sell” rating and issued a $724.00 price target on shares of ServiceNow in a research report on Thursday. Finally, Stifel Nicolaus boosted their price target on ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,075.87.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $957.27 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a fifty day moving average of $1,006.88 and a 200-day moving average of $957.08. The stock has a market capitalization of $198.14 billion, a price-to-earnings ratio of 130.34, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.41 EPS. Equities research analysts expect that ServiceNow will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the transaction, the director owned 428 shares of the company’s stock, valued at approximately $402,418.44. The trade was a 58.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company’s stock, valued at $11,039,226.51. The trade was a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Norges Bank purchased a new stake in ServiceNow during the 4th quarter valued at about $2,603,360,000. Nuveen LLC purchased a new stake in ServiceNow during the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in ServiceNow by 1,586.5% during the 1st 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 in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in ServiceNow by 131.4% during the 1st 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 in the last quarter. Hedge funds and other 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.