ServiceNow (NYSE:NOW) Shares Up 2.2% Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price traded up 2.2% on Friday after Morgan Stanley raised their price target on the stock from $814.00 to $830.00. Morgan Stanley currently has an overweight rating on the stock. ServiceNow traded as high as $734.71 and last traded at $731.83. 436,978 shares traded hands during trading, a decline of 64% from the average session volume of 1,203,806 shares. The stock had previously closed at $716.25.

A number of other equities analysts also recently commented on NOW. Wells Fargo & Company upped their target price on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. The Goldman Sachs Group increased their target price on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Oppenheimer upped their price target on shares of ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Truist Financial boosted their price objective on shares of ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Finally, KeyCorp initiated coverage on ServiceNow in a research report on Thursday, March 21st. They set an “overweight” rating and a $1,000.00 target price on the stock. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $782.85.

Insider Buying and Selling at ServiceNow

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

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. increased its stake in shares of ServiceNow by 0.9% during the first quarter. Pinnacle Associates Ltd. now owns 2,132 shares of the information technology services provider’s stock worth $1,625,000 after purchasing an additional 19 shares in the last quarter. Sterling Investment Counsel LLC lifted its position in shares of ServiceNow by 8.0% in the first quarter. Sterling Investment Counsel LLC now owns 1,462 shares of the information technology services provider’s stock valued at $1,115,000 after acquiring an additional 108 shares in the last quarter. Highview Capital Management LLC DE boosted its stake in shares of ServiceNow by 4.8% in the first quarter. Highview Capital Management LLC DE now owns 1,664 shares of the information technology services provider’s stock worth $1,269,000 after acquiring an additional 76 shares during the last quarter. YHB Investment Advisors Inc. raised its stake in ServiceNow by 7.1% in the 1st quarter. YHB Investment Advisors Inc. now owns 4,221 shares of the information technology services provider’s stock valued at $3,218,000 after purchasing an additional 278 shares during the last quarter. Finally, SlateStone Wealth LLC lifted its holdings in ServiceNow by 4.9% in the 1st quarter. SlateStone Wealth LLC now owns 387 shares of the information technology services provider’s stock valued at $295,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

The firm has a market cap of $148.48 billion, a PE ratio of 77.32, a price-to-earnings-growth ratio of 4.72 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The stock’s fifty day moving average price is $759.21 and its 200-day moving average price is $707.90.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 14.00% and a net margin of 20.34%. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the business posted $0.88 earnings per share. The firm’s revenue was up 25.6% compared to the same quarter last year. As a group, equities analysts expect that ServiceNow, Inc. will post 6.16 EPS 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.