ServiceNow (NYSE:NOW) Given New $1,210.00 Price Target at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price target increased by equities research analysts at Royal Bank of Canada from $1,045.00 to $1,210.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 13.83% from the company’s previous close.

Several other equities analysts have also weighed in on NOW. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Barclays raised their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Oppenheimer upped their price target on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Canaccord Genuity Group raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,053.89.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $8.63 during mid-day trading on Friday, hitting $1,062.97. The company had a trading volume of 177,145 shares, compared to its average volume of 590,370. 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 stock has a market cap of $218.97 billion, a price-to-earnings ratio of 165.31, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. The firm’s 50 day simple moving average is $1,051.07 and its two-hundred day simple moving average is $908.48.

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 firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.21 EPS. As a group, equities research analysts forecast that ServiceNow will post 7.07 earnings per share for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The transaction was disclosed in a 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 value of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,629 shares of company stock valued at $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the business. Everence Capital Management Inc. raised its holdings in ServiceNow by 0.3% in the fourth quarter. Everence Capital Management Inc. now owns 6,313 shares of the information technology services provider’s stock worth $6,693,000 after purchasing an additional 20 shares during the period. Franchise Capital Ltd acquired a new position in ServiceNow in the fourth quarter valued at about $3,615,000. GAMMA Investing LLC raised its holdings in ServiceNow by 15.5% during the 4th quarter. GAMMA Investing LLC now owns 3,070 shares of the information technology services provider’s stock worth $3,255,000 after buying an additional 411 shares during the period. Versant Capital Management Inc boosted its stake in ServiceNow by 172.9% in the 4th quarter. Versant Capital Management Inc now owns 161 shares of the information technology services provider’s stock worth $171,000 after purchasing an additional 102 shares during the period. Finally, Lord Abbett & CO. LLC grew its holdings in shares of ServiceNow by 53.5% during the third quarter. Lord Abbett & CO. LLC now owns 107,777 shares of the information technology services provider’s stock worth $96,395,000 after buying an additional 37,550 shares in 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.