ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00

ServiceNow (NYSE:NOW) had its price target lifted by BMO Capital Markets from $1,025.00 to $1,150.00 in a report published on Wednesday, MarketBeat.com reports. BMO Capital Markets currently has an outperform rating on the information technology services provider’s stock.

A number of other research firms have also recently commented on NOW. Mizuho cut their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. JPMorgan Chase & Co. cut their price objective on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Bank of America cut their price objective on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Morgan Stanley boosted their price objective on ServiceNow from $881.00 to $950.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Finally, Stifel Nicolaus boosted their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Stock Up 0.5%

Shares of NOW stock opened at $1,040.22 on Wednesday. The stock has a 50 day moving average of $863.52 and a 200 day moving average of $973.12. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $215.33 billion, a P/E ratio of 152.30, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow’s quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the business earned $3.41 earnings per share. As a group, sell-side analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, insider Paul John Smith sold 2,404 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares of the company’s stock, valued at $6,119,432.20. This represents a 27.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,023 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. This trade represents a 19.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,872 shares of company stock valued at $13,261,400 in the last quarter. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the business. Cooper Financial Group acquired a new position in ServiceNow during the 4th quarter worth about $218,000. AdvisorNet Financial Inc lifted its stake in ServiceNow by 34.4% during the 4th quarter. AdvisorNet Financial Inc now owns 129 shares of the information technology services provider’s stock worth $137,000 after acquiring an additional 33 shares in the last quarter. Mayfair Advisory Group LLC acquired a new position in ServiceNow during the 4th quarter worth about $215,000. Pines Wealth Management LLC acquired a new position in ServiceNow during the 4th quarter worth about $497,000. Finally, Oak Thistle LLC acquired a new position in ServiceNow during the 4th quarter worth about $217,000. Institutional investors and hedge funds 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.