ServiceNow (NYSE:NOW) PT Raised to $1,068.00

ServiceNow (NYSE:NOW) had its price objective hoisted by Citigroup from $915.00 to $1,068.00 in a research note released on Thursday, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

Several other research analysts also recently commented on NOW. Needham & Company LLC reiterated a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a report on Monday, September 9th. Royal Bank of Canada boosted their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Truist Financial increased their target price on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. upped their price target on ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Robert W. Baird raised their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $914.15.

ServiceNow Price Performance

NYSE NOW opened at $921.75 on Thursday. ServiceNow has a fifty-two week low of $527.24 and a fifty-two week high of $949.59. The stock’s 50-day moving average is $874.61 and its two-hundred day moving average is $791.98. The firm has a market cap of $188.96 billion, a P/E ratio of 98.58, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the company earned $0.77 EPS. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, analysts anticipate that ServiceNow will post 6.78 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now owns 4,019 shares in the company, valued at $3,319,372.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,267 shares of company stock valued at $5,935,447. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the stock. Swedbank AB acquired a new position in ServiceNow during the 1st quarter worth $897,908,000. Global Assets Advisory LLC bought a new stake in shares of ServiceNow during the first quarter worth $403,034,000. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after acquiring an additional 331,797 shares during the period. AustralianSuper Pty Ltd bought a new position in ServiceNow in the second quarter valued at about $218,786,000. Finally, Acadian Asset Management LLC increased its position in ServiceNow by 233.4% in the first quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after purchasing an additional 271,073 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.