ServiceNow (NYSE:NOW) Price Target Raised to $1,275.00 at Canaccord Genuity Group

ServiceNow (NYSE:NOW) had its price objective boosted by Canaccord Genuity Group from $1,200.00 to $1,275.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday. Mizuho lifted their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. BMO Capital Markets increased their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Finally, Robert W. Baird cut their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,011.67 on Thursday. The stock’s 50-day simple moving average is $1,085.21 and its 200-day simple moving average is $952.30. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $208.40 billion, a PE ratio of 148.12, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the sale, the general counsel now owns 6,843 shares in the company, valued at approximately $7,007,026.71. The trade was a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock worth $21,016,751. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the business. Polymer Capital Management HK LTD lifted its stake in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after buying an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of ServiceNow in the fourth quarter valued at $48,802,000. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after acquiring an additional 138 shares during the last quarter. Venturi Wealth Management LLC increased its position in ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. acquired a new position in ServiceNow in the 4th quarter valued at about $105,090,000. 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.