ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00

ServiceNow (NYSE:NOW) had its target price upped by equities research analysts at Needham & Company LLC from $1,150.00 to $1,200.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target points to a potential upside of 4.82% from the stock’s current price.

NOW has been the subject of a number of other reports. Truist Financial increased their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, UBS Group upped their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,117.86.

ServiceNow Trading Down 2.2 %

Shares of NOW stock opened at $1,144.86 on Thursday. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a 50-day simple moving average of $1,082.77 and a two-hundred day simple moving average of $950.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $235.84 billion, a price-to-earnings ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. Research analysts anticipate that ServiceNow will post 7.06 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of the 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 sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 over the last 90 days. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Several large investors have recently modified their holdings of the company. Polymer Capital Management HK LTD lifted its stake in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow during the fourth quarter valued at approximately $48,802,000. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after acquiring an additional 765 shares during the period. Finally, Cardano Risk Management B.V. bought a new position in ServiceNow in the 4th quarter worth $105,090,000. Institutional investors own 87.18% of the company’s stock.

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.