Sanford C. Bernstein Increases ServiceNow (NYSE:NOW) Price Target to $913.00

ServiceNow (NYSE:NOW) had its price target raised by equities researchers at Sanford C. Bernstein from $906.00 to $913.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Sanford C. Bernstein’s price objective indicates a potential downside of 3.75% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. BMO Capital Markets increased their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,025.00 to $1,050.00 and gave the company an “overweight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $970.22.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $40.92 during trading hours on Thursday, hitting $948.60. 2,563,909 shares of the stock were exchanged, compared to its average volume of 1,281,478. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a one year low of $527.24 and a one year high of $979.78. The company’s 50 day moving average is $880.60 and its 200 day moving average is $795.09. The firm has a market capitalization of $194.46 billion, a P/E ratio of 101.73, a P/E/G ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the firm earned $0.77 EPS. The business’s revenue was up 22.2% on a year-over-year basis. On average, research analysts expect that ServiceNow will post 6.78 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Paul Edward Chamberlain sold 135 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the transaction, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,467 shares of company stock worth $4,450,447. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. First Affirmative Financial Network boosted its stake in shares of ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after purchasing an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the last quarter. Morling Financial Advisors LLC boosted its stake in shares of ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 13 shares during the last quarter. CX Institutional boosted its stake in ServiceNow by 1.2% during the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after acquiring an additional 13 shares during the last quarter. Finally, Optas LLC boosted its stake in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after acquiring an additional 14 shares during the last quarter. Institutional investors 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.