ServiceNow (NYSE:NOW) Trading Up 1.2% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 1.2% on Wednesday after Wells Fargo & Company raised their price target on the stock from $875.00 to $900.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $749.00 and last traded at $744.78. Approximately 1,085,831 shares traded hands during trading, an increase of 20% from the average daily volume of 904,049 shares. The stock had previously closed at $735.81.

Several other analysts also recently weighed in on NOW. Mizuho lifted their target price on ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Jefferies Financial Group lifted their target price on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. BMO Capital Markets boosted their price objective on ServiceNow from $630.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Piper Sandler boosted their price objective on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Finally, Guggenheim reissued a “neutral” rating on shares of ServiceNow in a research note on Monday. 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $780.00.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares in the company, valued at $4,064,229.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Paul John Smith sold 5,159 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock worth $9,940,303 over the last ninety days. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter worth approximately $1,648,259,000. Moneta Group Investment Advisors LLC raised its position in ServiceNow by 69,897.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock valued at $332,386,000 after acquiring an additional 854,846 shares in the last quarter. International Assets Investment Management LLC raised its position in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after acquiring an additional 820,465 shares in the last quarter. FMR LLC raised its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after acquiring an additional 595,697 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in ServiceNow by 129.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 994,367 shares of the information technology services provider’s stock valued at $386,082,000 after acquiring an additional 560,908 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

The stock has a market cap of $151.09 billion, a P/E ratio of 87.48, a price-to-earnings-growth ratio of 4.65 and a beta of 0.97. The firm’s 50-day moving average is $767.53 and its two-hundred day moving average is $700.42. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 6.16 EPS for the current year.

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.