Morgan Stanley Increases ServiceNow (NYSE:NOW) Price Target to $830.00

ServiceNow (NYSE:NOW) had its target price raised by equities research analysts at Morgan Stanley from $814.00 to $830.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 17.32% from the company’s previous close.

Other analysts have also issued research reports about the company. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Thursday. BMO Capital Markets cut their price objective on ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a research report on Thursday. Piper Sandler upped their price objective on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. KeyCorp initiated coverage on ServiceNow in a report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 target price on the stock. Finally, Jefferies Financial Group increased their target price on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Three investment 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.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $782.85.

ServiceNow Trading Down 5.2 %

NYSE:NOW traded down $38.82 during trading hours on Thursday, reaching $707.47. 2,146,734 shares of the stock were exchanged, compared to its average volume of 1,197,432. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average of $761.32 and a two-hundred day moving average of $706.74. ServiceNow has a twelve month low of $427.68 and a twelve month high of $815.32. The company has a market capitalization of $145.30 billion, a price-to-earnings ratio of 84.27, a PEG ratio of 4.68 and a beta of 0.97.

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

Insider Buying and Selling at ServiceNow

In other news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now owns 5,453 shares in the company, valued at approximately $4,064,229.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,164 shares of company stock valued at $9,940,303. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of ServiceNow by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after purchasing an additional 122,577 shares during the last quarter. FMR LLC boosted its stake in ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares during the period. Jennison Associates LLC boosted its position in shares of ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after buying an additional 53,719 shares during the period. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $1,648,259,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after buying an additional 81,028 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.