ServiceNow (NYSE:NOW) Price Target Raised to $1,160.00

ServiceNow (NYSE:NOW) had its price target hoisted by BMO Capital Markets from $1,150.00 to $1,160.00 in a report released on Thursday morning, MarketBeat Ratings reports. BMO Capital Markets currently has an outperform rating on the information technology services provider’s stock.

Several other equities analysts have also weighed in on the stock. Raymond James Financial cut their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Tuesday, April 8th. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Monday, July 21st. Oppenheimer reissued an “outperform” rating and issued a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. UBS Group reaffirmed a “buy” rating and set a $1,025.00 price objective (up from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Cantor Fitzgerald upped their price objective on ServiceNow from $1,048.00 to $1,200.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,114.87.

ServiceNow Trading Down 2.8%

Shares of NOW opened at $968.05 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.12 and a current ratio of 1.09. The company has a market cap of $200.37 billion, a price-to-earnings ratio of 121.92, a PEG ratio of 4.43 and a beta of 0.94. The stock has a fifty day moving average price of $1,000.33 and a two-hundred day moving average price of $952.52. ServiceNow has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the company posted $3.13 EPS. The company’s quarterly revenue was up 22.4% compared to the same quarter last year. Analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel owned 4,332 shares of the company’s stock, valued at $4,431,636. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares of the company’s stock, valued at approximately $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,003 shares of company stock valued at $6,015,106. 0.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

Large investors have recently bought and sold shares of the company. NorthRock Partners LLC lifted its stake in ServiceNow by 6.8% during the second quarter. NorthRock Partners LLC now owns 2,203 shares of the information technology services provider’s stock worth $2,265,000 after purchasing an additional 141 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of ServiceNow by 28.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 1,672 shares of the information technology services provider’s stock worth $1,719,000 after buying an additional 375 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of ServiceNow by 1.1% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 17,877 shares of the information technology services provider’s stock worth $18,379,000 after buying an additional 200 shares during the last quarter. Concord Asset Management LLC VA lifted its position in shares of ServiceNow by 3.7% during the 2nd quarter. Concord Asset Management LLC VA now owns 1,528 shares of the information technology services provider’s stock worth $1,571,000 after buying an additional 54 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. boosted its stake in ServiceNow by 3.3% in the second quarter. Total Clarity Wealth Management Inc. now owns 507 shares of the information technology services provider’s stock valued at $521,000 after buying an additional 16 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.