Bank of America Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its target price upped by investment analysts at Bank of America from $1,085.00 to $1,110.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Bank of America‘s target price would suggest a potential upside of 15.21% from the stock’s previous close.

A number of other research analysts have also recently commented on NOW. Guggenheim reiterated a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday. Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and upped their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. Robert W. Baird upped their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,075.87.

ServiceNow Trading Up 0.4%

Shares of ServiceNow stock opened at $963.43 on Friday. The stock has a market cap of $199.41 billion, a P/E ratio of 130.90, a P/E/G ratio of 4.43 and a beta of 0.94. The stock’s 50 day simple moving average is $1,006.53 and its 200-day simple moving average is $955.70. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the firm posted $3.41 EPS. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. Analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

Insider Activity

In related news, Director Deborah Black sold 598 shares of the firm’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the transaction, the director owned 428 shares of the company’s stock, valued at $402,418.44. This trade represents a 58.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,601 shares of company stock valued at $6,577,363. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in NOW. Bogart Wealth LLC lifted its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the first quarter valued at about $26,000. Quarry LP acquired a new stake in ServiceNow in the fourth quarter valued at about $27,000. WASHINGTON TRUST Co lifted its position in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 shares during the period. Finally, Global X Japan Co. Ltd. acquired a new stake in shares of ServiceNow during the 2nd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.