ServiceNow (NYSE:NOW) Price Target Raised to $860.00

ServiceNow (NYSE:NOW) had its target price raised by analysts at BMO Capital Markets from $830.00 to $860.00 in a report released on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ price objective indicates a potential upside of 3.61% from the company’s previous close.

Several other equities research analysts have also commented on NOW. Wolfe Research reaffirmed an “outperform” rating and set a $830.00 price target on shares of ServiceNow in a research report on Friday, May 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a report on Tuesday. Citigroup increased their target price on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Truist Financial raised their price target on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $825.00.

ServiceNow Price Performance

ServiceNow stock traded up $99.13 during mid-day trading on Thursday, hitting $830.00. 3,400,627 shares of the company traded hands, compared to its average volume of 1,302,713. ServiceNow has a one year low of $527.24 and a one year high of $833.91. The stock has a market cap of $170.15 billion, a price-to-earnings ratio of 88.77, a price-to-earnings-growth ratio of 4.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day moving average price of $741.36 and a 200-day moving average price of $749.47.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 earnings per share. On average, equities analysts predict that ServiceNow will post 6.5 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the sale, the insider now directly owns 15,892 shares in the company, valued at approximately $11,124,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the sale, the insider now directly owns 15,892 shares of the company’s stock, valued at $11,124,400. The disclosure for this sale can be found here. Insiders have sold a total of 5,530 shares of company stock worth $3,997,012 in the last three months. 0.25% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Creekmur Asset Management LLC acquired a new stake in shares of ServiceNow in the first quarter worth $25,000. Versant Capital Management Inc raised its holdings in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow during the fourth quarter worth $29,000. EntryPoint Capital LLC raised its holdings in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares in the last quarter. Finally, AdvisorNet Financial Inc raised its holdings in shares of ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds 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.