ServiceNow (NYSE:NOW) Hits New 1-Year High – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $840.50 and last traded at $839.2390, with a volume of 2601 shares traded. The stock had previously closed at $167.77.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Zacks Research lowered ServiceNow from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 11th. Morgan Stanley set a $263.00 target price on shares of ServiceNow and gave the company an “overweight” rating in a report on Thursday, October 30th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $240.00 price target on shares of ServiceNow in a research report on Thursday, October 30th. Barclays raised their price objective on shares of ServiceNow from $242.00 to $245.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $218.60 target price on shares of ServiceNow in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $229.93.

ServiceNow Stock Performance

The stock’s 50-day moving average is $189.59 and its 200 day moving average is $190.92. The stock has a market cap of $177.56 billion, a price-to-earnings ratio of 103.22, a P/E/G ratio of 3.57 and a beta of 0.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.06 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 29th. The information technology services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.12. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.35 billion. ServiceNow had a return on equity of 18.74% and a net margin of 13.66%.The firm’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Kevin Thomas Mcbride sold 1,400 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $168.50, for a total value of $235,894.40. Following the completion of the sale, the insider owned 25,270 shares in the company, valued at $4,257,893.92. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $161.60, for a total transaction of $242,400.00. Following the sale, the director directly owned 47,930 shares in the company, valued at approximately $7,745,488. This represents a 3.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,235 shares of company stock valued at $2,180,835 in the last three months. Insiders own 0.34% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of NOW. Norges Bank purchased a new stake in shares of ServiceNow during the second quarter worth about $2,589,235,000. Nuveen LLC purchased a new stake in shares of ServiceNow in the first quarter valued at $1,817,535,000. Parnassus Investments LLC acquired a new position in ServiceNow in the first quarter valued at $519,806,000. Amundi lifted its position in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after buying an additional 626,623 shares during the period. Finally, Bessemer Group Inc. boosted its stake in ServiceNow by 365.6% in the 2nd quarter. Bessemer Group Inc. now owns 529,994 shares of the information technology services provider’s stock worth $544,875,000 after buying an additional 416,162 shares during the last quarter. Hedge funds and other institutional investors 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.