ServiceNow (NYSE:NOW) Price Target Raised to $1,075.00

ServiceNow (NYSE:NOW) had its price objective hoisted by Scotiabank from $1,050.00 to $1,075.00 in a report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the information technology services provider’s stock.

Several other research analysts have also recently commented on NOW. Piper Sandler reduced their target price on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a research report on Thursday. UBS Group reissued a “buy” rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research note on Thursday. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research report on Wednesday, April 16th. BMO Capital Markets cut their price objective on shares of ServiceNow from $990.00 to $950.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,032.94.

ServiceNow Price Performance

NOW stock opened at $946.08 on Thursday. The firm has a 50-day moving average of $838.68 and a two-hundred day moving average of $967.71. The firm has a market capitalization of $195.84 billion, a PE ratio of 138.52, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This trade represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 over the last three months. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter worth $34,000. Finally, FPC Investment Advisory Inc. boosted its stake in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.