Citigroup Raises ServiceNow (NYSE:NOW) Price Target to $1,071.00

ServiceNow (NYSE:NOW) had its target price upped by Citigroup from $1,068.00 to $1,071.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price target indicates a potential upside of 12.64% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Wells Fargo & Company raised their price target on shares of ServiceNow from $1,025.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Thursday. Piper Sandler raised their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC raised their price target on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday. Royal Bank of Canada raised their price target on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Stifel Nicolaus increased their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” 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. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $970.33.

ServiceNow Trading Down 0.6 %

Shares of NOW opened at $950.85 on Friday. ServiceNow has a twelve month low of $548.44 and a twelve month high of $979.78. The company has a market cap of $195.88 billion, a P/E ratio of 171.94, a P/E/G ratio of 5.04 and a beta of 0.99. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The company’s fifty day simple moving average is $885.56 and its 200-day simple moving average is $797.46.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for 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 business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 earnings per share. As a group, analysts expect that ServiceNow will post 7.41 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,467 shares of company stock valued at $4,450,447. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently added to or reduced their stakes in the stock. Creekmur Asset Management LLC acquired a new stake in ServiceNow in the 1st quarter valued at $25,000. Versant Capital Management Inc grew its stake in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the period. EntryPoint Capital LLC grew its stake in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares during the period. Ridgewood Investments LLC acquired a new stake in ServiceNow in the 2nd quarter valued at $32,000. Finally, DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Institutional investors and hedge funds 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.