Evercore ISI Increases ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its target price boosted by Evercore ISI from $950.00 to $1,000.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the information technology services provider’s stock.

Several other equities analysts have also issued reports on NOW. Guggenheim reiterated a “sell” rating and issued a $640.00 price target on shares of ServiceNow in a research note on Monday, July 8th. Truist Financial lifted their target price on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Stifel Nicolaus raised their price target on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, TD Cowen upped their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $970.33.

ServiceNow Stock Down 0.6 %

NOW stock opened at $950.85 on Thursday. The company has a market cap of $194.92 billion, a PE ratio of 101.70, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow has a 52 week low of $548.44 and a 52 week high of $979.78. The business has a 50-day simple moving average of $885.56 and a 200 day simple moving average of $797.66.

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

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,467 shares of company stock worth $4,450,447. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in ServiceNow by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after acquiring an additional 34,855 shares in the last quarter. Swedbank AB boosted its holdings in ServiceNow by 10.3% during the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after acquiring an additional 120,983 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of ServiceNow by 21.5% in the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after purchasing an additional 168,734 shares during the last quarter. 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.