Needham & Company LLC Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective hoisted by Needham & Company LLC from $1,075.00 to $1,150.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Several other research firms have also weighed in on NOW. Robert W. Baird raised their price objective on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Mizuho lifted their price target on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. BMO Capital Markets raised their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. UBS Group raised their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Citigroup lifted their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,052.82 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,068.88. The company has a 50-day simple moving average of $951.73 and a two-hundred day simple moving average of $838.61. The stock has a market capitalization of $216.88 billion, a price-to-earnings ratio of 163.74, a price-to-earnings-growth ratio of 6.09 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 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 last year, the business earned $1.21 earnings per share. ServiceNow’s revenue was up 22.2% on a year-over-year basis. Analysts forecast that ServiceNow will post 7.07 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated 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 $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. This represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,787 shares of company stock valued at $17,841,028. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in shares of ServiceNow by 104.5% in the 3rd quarter. Tidal Investments LLC now owns 48,808 shares of the information technology services provider’s stock worth $43,653,000 after purchasing an additional 24,945 shares in the last quarter. Blankinship & Foster LLC purchased a new position in shares of ServiceNow in the 3rd quarter worth about $1,881,000. Wilmington Savings Fund Society FSB purchased a new stake in ServiceNow during the 3rd quarter valued at about $3,191,000. Sfmg LLC purchased a new stake in ServiceNow during the 3rd quarter valued at about $226,000. Finally, World Investment Advisors LLC boosted its holdings in ServiceNow by 585.8% during the 3rd quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after acquiring an additional 5,594 shares during the period. 87.18% of the stock is currently owned by hedge funds and other 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.