Needham & Company LLC Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective hoisted by research analysts at Needham & Company LLC from $1,075.00 to $1,150.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target points to a potential upside of 7.47% from the company’s current price.

Other analysts have also recently issued reports about the company. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Piper Sandler boosted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. JMP Securities raised their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. Oppenheimer boosted their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $989.07.

ServiceNow Price Performance

Shares of NOW opened at $1,070.07 on Monday. The company’s 50-day moving average is $955.40 and its 200-day moving average is $841.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market capitalization of $220.43 billion, a PE ratio of 166.42, a PEG ratio of 6.09 and a beta of 0.98. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,072.84.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. Equities analysts forecast that ServiceNow will post 7.07 EPS for the current year.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,787 shares of company stock valued at $17,841,028 in the last quarter. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its stake in shares of ServiceNow by 104.5% during the third quarter. Tidal Investments LLC now owns 48,808 shares of the information technology services provider’s stock valued at $43,653,000 after acquiring an additional 24,945 shares during the last quarter. Blankinship & Foster LLC acquired a new stake in ServiceNow in the third quarter valued at $1,881,000. Wilmington Savings Fund Society FSB bought a new position in ServiceNow during the 3rd quarter worth $3,191,000. Sfmg LLC bought a new position in ServiceNow during the 3rd quarter worth $226,000. Finally, World Investment Advisors LLC grew its position in shares of ServiceNow by 585.8% in the 3rd quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after buying an additional 5,594 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

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.