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

ServiceNow (NYSE:NOW) had its price target increased by Piper Sandler from $1,000.00 to $1,200.00 in a research report sent to investors on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider’s stock.

A number of other equities research analysts also recently commented on the company. Jefferies Financial Group boosted their target price on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Scotiabank started coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective on the stock. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, JMP Securities increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,061.04.

ServiceNow Trading Down 0.6 %

NOW stock opened at $1,048.05 on Monday. The company has a market capitalization of $215.90 billion, a price-to-earnings ratio of 162.99, a PEG ratio of 6.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,157.90. The business has a 50 day simple moving average of $1,060.09 and a two-hundred day simple moving average of $918.90.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. Research analysts anticipate that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $102,397.00. Following the completion of the sale, the insider now directly owns 3,457 shares of the company’s stock, valued at $3,539,864.29. The trade was a 2.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,629 shares of company stock valued at $20,861,626 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Private Advisor Group LLC grew its position in shares of ServiceNow by 58.5% in the 2nd quarter. Private Advisor Group LLC now owns 13,471 shares of the information technology services provider’s stock worth $10,598,000 after buying an additional 4,972 shares during the last quarter. Great Lakes Advisors LLC increased its position in shares of ServiceNow by 698.2% during the second quarter. Great Lakes Advisors LLC now owns 5,835 shares of the information technology services provider’s stock worth $4,590,000 after purchasing an additional 5,104 shares in the last quarter. Chris Bulman Inc purchased a new stake in shares of ServiceNow during the 2nd quarter valued at $67,000. Caprock Group LLC lifted its holdings in shares of ServiceNow by 44.2% during the 2nd quarter. Caprock Group LLC now owns 3,994 shares of the information technology services provider’s stock valued at $3,142,000 after purchasing an additional 1,225 shares during the last quarter. Finally, First Foundation Advisors grew its stake in ServiceNow by 32.2% during the 2nd quarter. First Foundation Advisors now owns 6,333 shares of the information technology services provider’s stock worth $4,982,000 after buying an additional 1,541 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

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.