ServiceNow (NYSE:NOW) Trading 1.2% Higher Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 1.2% on Wednesday after Wells Fargo & Company raised their price target on the stock from $875.00 to $900.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $749.00 and last traded at $744.78. Approximately 1,085,831 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 904,049 shares. The stock had previously closed at $735.81.

Other equities analysts have also issued reports about the stock. Mizuho raised their target price on shares of ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Royal Bank of Canada raised their target price on shares of ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. JMP Securities lifted their price target on shares of ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a report on Monday, January 22nd. Barclays lifted their price target on shares of ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. Finally, Piper Sandler lifted their price target on shares of ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $780.00.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,164 shares of company stock worth $9,940,303. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Trifecta Capital Advisors LLC raised its holdings in ServiceNow by 4.7% during the first quarter. Trifecta Capital Advisors LLC now owns 6,626 shares of the information technology services provider’s stock worth $5,052,000 after buying an additional 297 shares during the last quarter. WD Rutherford LLC raised its holdings in ServiceNow by 0.8% during the first quarter. WD Rutherford LLC now owns 5,083 shares of the information technology services provider’s stock worth $3,875,000 after buying an additional 41 shares during the last quarter. Independence Bank of Kentucky raised its holdings in ServiceNow by 27.2% during the first quarter. Independence Bank of Kentucky now owns 117 shares of the information technology services provider’s stock worth $89,000 after buying an additional 25 shares during the last quarter. Webster Bank N. A. raised its holdings in ServiceNow by 16.8% during the first quarter. Webster Bank N. A. now owns 4,025 shares of the information technology services provider’s stock worth $3,069,000 after buying an additional 580 shares during the last quarter. Finally, Capital Insight Partners LLC raised its holdings in ServiceNow by 42.2% during the first quarter. Capital Insight Partners LLC now owns 1,375 shares of the information technology services provider’s stock worth $1,048,000 after buying an additional 408 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The company’s fifty day simple moving average is $768.63 and its two-hundred day simple moving average is $700.17. The stock has a market cap of $152.96 billion, a price-to-earnings ratio of 88.56, a P/E/G ratio of 4.65 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 6.16 earnings per share for the current year.

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.