ServiceNow (NYSE:NOW) Given New $150.00 Price Target at JPMorgan Chase & Co.

ServiceNow (NYSE:NOW) had its target price upped by JPMorgan Chase & Co. from $145.00 to $150.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the information technology services provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of ServiceNow from $122.00 to $141.00 and gave the stock an “overweight” rating in a research note on Monday. Truist Financial raised their price target on ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. KeyCorp reaffirmed an “underweight” rating on shares of ServiceNow in a report on Tuesday. DA Davidson set a $170.00 price objective on ServiceNow and gave the stock a “buy” rating in a research report on Monday. Finally, TD Cowen reiterated a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $143.39.

ServiceNow Stock Down 3.5%

Shares of ServiceNow stock opened at $92.15 on Thursday. ServiceNow has a 52-week low of $81.24 and a 52-week high of $210.20. The company has a 50 day moving average of $104.70 and a 200 day moving average of $107.77. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $95.00 billion, a P/E ratio of 57.59, a P/E/G ratio of 1.60 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.63%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 24.0% on a year-over-year basis. As a group, research analysts forecast that ServiceNow will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,144 shares of company stock worth $1,730,097 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Millstone Evans Group LLC lifted its stake in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Blueline Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter worth approximately $25,000. Measured Wealth Private Client Group LLC increased its holdings in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 140 shares during the period. Finally, Wealth Watch Advisors INC increased its holdings in shares of ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 134 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat Q2 earnings and revenue estimates, showing that demand for its workflow and AI products remains healthy.
• Positive Sentiment: The company raised its annual subscription revenue forecast again, which signals management confidence in continued growth.
• Positive Sentiment: AI-related momentum was a major highlight, with AI contract value topping $1 billion and multiple reports saying customers are adopting ServiceNow’s AI platform more aggressively.
• Positive Sentiment: Several analysts turned more constructive after earnings, including price-target increases and reaffirmed buy/overweight ratings.
• Neutral Sentiment: New partnerships and customer wins, including Experian, Leidos, TeamViewer, and Exclusive Networks, support the long-term platform story but are less likely to move the stock immediately. Article Title
• Negative Sentiment: Some investors remain worried that new AI tools from OpenAI and others could pressure legacy enterprise software, which has created volatility even after the earnings beat.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.