Canaccord Genuity Group Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target lifted by stock analysts at Canaccord Genuity Group from $1,000.00 to $1,200.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 10.24% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Oppenheimer lifted their price objective on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Barclays increased their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Scotiabank started coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target for the company. Finally, TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,042.37.

ServiceNow Stock Up 1.3 %

Shares of ServiceNow stock traded up $13.64 on Friday, hitting $1,088.51. The company had a trading volume of 465,526 shares, compared to its average volume of 1,279,592. The firm has a market capitalization of $224.23 billion, a P/E ratio of 169.29, a P/E/G ratio of 6.43 and a beta of 0.99. The stock has a 50-day moving average of $1,020.19 and a 200-day moving average of $882.14. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,157.90. 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 (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The business’s revenue was up 22.2% compared to the same quarter last year. Research analysts predict that ServiceNow will post 7.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 300 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,629 shares of company stock worth $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently modified their holdings of the company. Truvestments Capital LLC bought a new stake in ServiceNow during the third quarter worth $30,000. Ridgewood Investments LLC bought a new stake in shares of ServiceNow in the 2nd quarter worth $32,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. American Capital Advisory LLC purchased a new stake in shares of ServiceNow in the second quarter valued at about $39,000. Finally, Semmax Financial Advisors Inc. bought a new position in shares of ServiceNow during the second quarter valued at about $39,000. 87.18% of the stock is currently owned by institutional investors.

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.