ServiceNow (NYSE:NOW) Stock Price Up 2.2% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 2.2% on Friday after Morgan Stanley raised their price target on the stock from $814.00 to $830.00. Morgan Stanley currently has an overweight rating on the stock. ServiceNow traded as high as $734.71 and last traded at $731.83. Approximately 436,978 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,203,806 shares. The stock had previously closed at $716.25.

Several other equities analysts have also commented on NOW. KeyCorp initiated coverage on shares of ServiceNow in a report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 target price on the stock. Citigroup lifted their price objective on shares of ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Mizuho lifted their price target on shares of ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Jefferies Financial Group increased their target price on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $820.00 target price on shares of ServiceNow in a report on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $782.85.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the company’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 $12,935,655.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The stock was 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 of the company’s stock, valued at $12,935,655.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 1,795 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total value of $1,402,002.70. Following the sale, the insider now owns 994 shares of the company’s stock, valued at approximately $776,373.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of ServiceNow in the 4th quarter worth approximately $29,000. AdvisorNet Financial Inc boosted its position in ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares during the last quarter. Sachetta LLC purchased a new position in ServiceNow in the fourth quarter worth $35,000. PFG Private Wealth Management LLC bought a new position in ServiceNow in the 3rd quarter valued at $28,000. Finally, Disciplined Equity Management Inc. purchased a new stake in shares of ServiceNow during the 4th quarter valued at $35,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.8 %

The company has a market capitalization of $149.71 billion, a P/E ratio of 78.27, a PEG ratio of 4.72 and a beta of 0.97. The stock has a 50 day moving average price of $760.05 and a 200 day moving average price of $706.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 20.34% and a return on equity of 14.00%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal 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.