JPMorgan Chase & Co. Increases ServiceNow (NYSE:NOW) Price Target to $950.00

ServiceNow (NYSE:NOW) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $820.00 to $950.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 0.09% from the stock’s current price.

NOW has been the subject of several other research reports. Royal Bank of Canada boosted their target price on shares of ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Barclays boosted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday. Oppenheimer increased their target price on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Mizuho upped their price target on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird lifted their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Trading Down 0.6 %

NYSE:NOW opened at $950.85 on Thursday. ServiceNow has a one year low of $548.44 and a one year high of $979.78. The business’s 50-day simple moving average is $883.09 and its 200 day simple moving average is $796.21. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $195.88 billion, a price-to-earnings ratio of 171.94, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the business posted $1.21 EPS. The business’s revenue was up 22.2% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow will post 7.41 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction of $652,848.00. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,457,924. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jacqueline P. Canney sold 804 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $2,457,924. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,467 shares of company stock valued at $4,450,447. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently added to or reduced their stakes in the business. Financial Advocates Investment Management increased its stake in ServiceNow by 5.5% in the 3rd quarter. Financial Advocates Investment Management now owns 556 shares of the information technology services provider’s stock valued at $497,000 after buying an additional 29 shares during the period. Cornerstone Wealth Group LLC boosted its position in ServiceNow by 1.9% during the third quarter. Cornerstone Wealth Group LLC now owns 4,924 shares of the information technology services provider’s stock valued at $4,404,000 after purchasing an additional 90 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of ServiceNow by 20.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 7,515 shares of the information technology services provider’s stock worth $6,721,000 after purchasing an additional 1,274 shares in the last quarter. Evermay Wealth Management LLC increased its holdings in ServiceNow by 29.0% in the third quarter. Evermay Wealth Management LLC now owns 791 shares of the information technology services provider’s stock worth $707,000 after buying an additional 178 shares during the last quarter. Finally, Highline Wealth Partners LLC bought a new position in ServiceNow during the third quarter valued at approximately $490,000. 87.18% of the stock is currently owned by institutional investors.

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.