ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00 at BMO Capital Markets

ServiceNow (NYSE:NOW) had its price objective increased by BMO Capital Markets from $1,025.00 to $1,150.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 11.07% from the company’s current price.

NOW has been the subject of several other reports. Evercore ISI raised their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating for the company. Stifel Nicolaus lifted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Trading Up 0.8%

NYSE:NOW opened at $1,035.34 on Wednesday. The company has a 50-day moving average price of $858.93 and a 200-day moving average price of $972.52. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $214.32 billion, a price-to-earnings ratio of 151.59, a P/E/G ratio of 4.51 and a beta of 0.97.

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

ServiceNow announced that its Board of Directors has approved a share repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 62 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Deborah Black sold 598 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the transaction, the director now directly owns 428 shares in the company, valued at approximately $402,418.44. The trade was a 58.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,872 shares of company stock worth $13,261,400 over the last three months. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the business. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow during the first quarter valued at approximately $26,000. Quarry LP purchased a new position in ServiceNow during the fourth quarter valued at approximately $27,000. Atala Financial Inc purchased a new position in ServiceNow during the fourth quarter valued at approximately $28,000. Finally, WASHINGTON TRUST Co lifted its holdings in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 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.