ServiceNow (NYSE:NOW) Price Target Raised to $1,300.00

ServiceNow (NYSE:NOW) had its price target boosted by equities researchers at JMP Securities from $1,000.00 to $1,300.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the information technology services provider’s stock. JMP Securities’ target price suggests a potential upside of 19.19% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Raymond James initiated coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. Jefferies Financial Group boosted their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Evercore ISI raised their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Scotiabank assumed coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target for the company. Finally, UBS Group raised their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,090.72.

ServiceNow Trading Up 1.8 %

ServiceNow stock traded up $19.18 during trading hours on Tuesday, reaching $1,090.66. 267,014 shares of the company’s stock were exchanged, compared to its average volume of 1,094,353. The firm has a market capitalization of $224.68 billion, a PE ratio of 170.31, a PEG ratio of 4.85 and a beta of 0.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm’s 50 day simple moving average is $1,070.37 and its 200 day simple moving average is $935.27. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,157.90.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. Research analysts predict that ServiceNow will post 7.06 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on 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 owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $30,000. DT Investment Partners LLC raised its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Oakworth Capital Inc. boosted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the period. Semmax Financial Advisors Inc. bought a new stake in ServiceNow in the 2nd quarter worth $39,000. Finally, Dunhill Financial LLC increased its position in shares of ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares during the period. Hedge funds and other 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.