ServiceNow (NYSE:NOW) Stock Price Up 2.2% – Here’s Why

Shares of ServiceNow, Inc. (NYSE:NOW) were up 2.2% on Wednesday . The stock traded as high as $105.40 and last traded at $102.1450. Approximately 27,513,593 shares were traded during trading, an increase of 22% from the average daily volume of 22,499,180 shares. The stock had previously closed at $99.92.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NOW shares. Oppenheimer restated an “outperform” rating on shares of ServiceNow in a report on Tuesday. Wells Fargo & Company dropped their price objective on ServiceNow from $185.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. JPMorgan Chase & Co. dropped their price objective on ServiceNow from $195.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Piper Sandler dropped their price objective on ServiceNow from $200.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Finally, Robert W. Baird dropped their price objective on ServiceNow from $125.00 to $118.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $141.85.

ServiceNow Trading Up 2.2%

The company has a market cap of $105.31 billion, a PE ratio of 60.87, a PEG ratio of 1.85 and a beta of 0.82. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $98.26 and a 200 day moving average price of $124.67.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. Sell-side analysts predict that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at $3,919,243.90. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jacqueline P. Canney sold 8,927 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the transaction, the insider owned 29,531 shares of the company’s stock, valued at approximately $2,645,977.60. The trade was a 23.21% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IAG Wealth Partners LLC increased its position in ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 18 shares in the last quarter. Wealth Watch Advisors INC bought a new position in ServiceNow during the 3rd quarter valued at approximately $29,000. Texas Capital Bancshares Inc TX bought a new position in ServiceNow during the 3rd quarter valued at approximately $37,000. Ameriflex Group Inc. increased its position in ServiceNow by 187.5% during the 3rd quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider’s stock valued at $42,000 after buying an additional 30 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in ServiceNow during the 3rd quarter valued at approximately $50,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.