ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00

ServiceNow (NYSE:NOW) had its target price upped by Needham & Company LLC from $1,050.00 to $1,200.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

A number of other equities analysts also recently issued reports on the company. Bank of America upped their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Monday, July 21st. BMO Capital Markets upped their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday. Royal Bank Of Canada upped their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a report on Tuesday, May 6th. Finally, Piper Sandler decreased their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,114.87.

ServiceNow Stock Performance

Shares of NOW opened at $968.05 on Thursday. The stock has a 50 day moving average price of $1,000.33 and a 200 day moving average price of $952.52. The company has a quick ratio of 1.12, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $200.37 billion, a price-to-earnings ratio of 121.92, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. ServiceNow has a 52-week low of $678.66 and a 52-week high of $1,198.09.

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

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 292 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $287,620.00. Following the completion of the transaction, the chief financial officer owned 11,198 shares of the company’s stock, valued at $11,030,030. The trade was a 2.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,003 shares of company stock valued at $6,015,106 in the last three months. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after buying an additional 30 shares in the last quarter. Modern Wealth Management LLC increased its position in shares of ServiceNow by 6.9% in the fourth quarter. Modern Wealth Management LLC now owns 355 shares of the information technology services provider’s stock valued at $363,000 after buying an additional 23 shares in the last quarter. Zions Bancorporation N.A. increased its position in shares of ServiceNow by 7.3% in the fourth quarter. Zions Bancorporation N.A. now owns 575 shares of the information technology services provider’s stock valued at $610,000 after buying an additional 39 shares in the last quarter. Financial Engines Advisors L.L.C. increased its position in shares of ServiceNow by 3.1% in the fourth quarter. Financial Engines Advisors L.L.C. now owns 3,144 shares of the information technology services provider’s stock valued at $3,333,000 after buying an additional 94 shares in the last quarter. Finally, Ausdal Financial Partners Inc. increased its position in shares of ServiceNow by 5.8% in the fourth quarter. Ausdal Financial Partners Inc. now owns 671 shares of the information technology services provider’s stock valued at $711,000 after buying an additional 37 shares in the last quarter. 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.