ServiceNow (NYSE:NOW) Trading Up 0.3% Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares traded up 0.3% during mid-day trading on Thursday after Citigroup raised their price target on the stock from $896.00 to $906.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $738.42 and last traded at $738.34. 197,665 shares changed hands during trading, a decline of 83% from the average session volume of 1,163,068 shares. The stock had previously closed at $736.45.

Several other analysts have also issued reports on the company. Truist Financial upped their price objective on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Needham & Company LLC restated a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a research note on Tuesday. UBS Group upped their price objective on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a research note on Monday, April 15th. BMO Capital Markets upped their price objective on ServiceNow from $630.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Jefferies Financial Group upped their price objective on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $780.37.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,180 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares in the company, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock valued at $9,940,303 over the last 90 days. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently modified their holdings of NOW. RB Capital Management LLC boosted its holdings in shares of ServiceNow by 25.2% in the 1st quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after purchasing an additional 192 shares in the last quarter. Zions Bancorporation N.A. lifted its stake in shares of ServiceNow by 17.9% in the 1st quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 133 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of ServiceNow by 728.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock valued at $1,070,000 after acquiring an additional 1,689 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of ServiceNow by 9.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock valued at $195,000 after acquiring an additional 29 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of ServiceNow by 0.7% in the 1st quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock valued at $6,499,000 after acquiring an additional 86 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 2.3 %

The company has a market capitalization of $146.69 billion, a P/E ratio of 84.92, a PEG ratio of 4.65 and a beta of 0.97. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The stock has a 50 day moving average price of $764.19 and a 200 day moving average price of $701.74.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the company earned $0.88 EPS. ServiceNow’s revenue was up 25.6% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

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.