ServiceNow (NYSE:NOW) Reaches New 1-Year High on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price hit a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $890.00 to $980.00. Barclays currently has an overweight rating on the stock. ServiceNow traded as high as $948.69 and last traded at $946.14, with a volume of 361489 shares. The stock had previously closed at $938.65.

NOW has been the subject of a number of other research reports. UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday. Robert W. Baird upped their target price on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. BMO Capital Markets lifted their price target on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler raised their price objective on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, TD Cowen lifted their price target on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $880.04.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 187 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 187 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the sale, the insider now directly owns 3,779 shares in the company, valued at $3,006,496.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

A number of institutional investors have recently bought and sold shares of NOW. Creative Planning lifted its stake in ServiceNow by 8.1% in the third quarter. Creative Planning now owns 55,887 shares of the information technology services provider’s stock valued at $49,985,000 after buying an additional 4,170 shares during the last quarter. Wesbanco Bank Inc. grew its position in ServiceNow by 40.8% during the third quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock worth $327,000 after buying an additional 106 shares during the period. CX Institutional increased its stake in ServiceNow by 1.2% in the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock valued at $974,000 after purchasing an additional 13 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of ServiceNow by 20.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 474 shares of the information technology services provider’s stock worth $424,000 after buying an additional 82 shares during the last quarter. Finally, Grove Bank & Trust raised its position in ServiceNow by 1.5% during the third quarter. Grove Bank & Trust now owns 4,258 shares of the information technology services provider’s stock worth $3,808,000 after acquiring an additional 63 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 0.6 %

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average of $858.21 and a 200-day moving average of $785.04. The stock has a market cap of $193.35 billion, a PE ratio of 170.56, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the company posted $0.77 EPS. The company’s revenue was up 22.2% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current year.

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.