Canaccord Genuity Group Boosts ServiceNow (NYSE:NOW) Price Target to $1,275.00

ServiceNow (NYSE:NOW) had its price objective increased by analysts at Canaccord Genuity Group from $1,200.00 to $1,275.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 26.03% from the stock’s previous close.

A number of other analysts have also commented on the company. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. The Goldman Sachs Group upped their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Robert W. Baird lowered their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday. Finally, Needham & Company LLC raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Trading Down 11.5 %

Shares of ServiceNow stock traded down $131.96 during trading hours on Thursday, hitting $1,011.67. The company’s stock had a trading volume of 6,155,740 shares, compared to its average volume of 1,613,548. The company has a market capitalization of $208.40 billion, a PE ratio of 157.34, a price-to-earnings-growth ratio of 5.11 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. The stock has a 50 day moving average of $1,085.21 and a 200 day moving average of $952.30. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. Analysts predict that ServiceNow will post 7.06 earnings per share for the current year.

ServiceNow announced that its board has initiated a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock valued at $21,016,751 over the last quarter. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter worth $30,000. DT Investment Partners LLC grew its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow in the 4th quarter valued at approximately $37,000. Finally, Oakworth Capital Inc. boosted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.