Wells Fargo & Company Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective upped by Wells Fargo & Company from $1,150.00 to $1,250.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Several other equities research analysts have also issued reports on NOW. Mizuho raised their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Sanford C. Bernstein increased their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. KeyCorp lifted their price target on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,002.64.

ServiceNow Trading Up 0.1 %

NOW stock opened at $1,123.72 on Thursday. The firm has a fifty day moving average price of $977.66 and a 200 day moving average price of $855.37. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,130.60. The firm has a market cap of $231.49 billion, a PE ratio of 174.76, a price-to-earnings-growth ratio of 6.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.75 billion. During the same period in the previous year, the firm posted $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Sell-side analysts anticipate that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 in the last three months. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

Several large investors have recently made changes to their positions in NOW. Wesbanco Bank Inc. purchased a new position in shares of ServiceNow during the 2nd quarter valued at about $205,000. CX Institutional raised its position in ServiceNow by 3.0% during the second quarter. CX Institutional now owns 1,076 shares of the information technology services provider’s stock valued at $846,000 after acquiring an additional 31 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its holdings in ServiceNow by 350.8% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 1,898 shares of the information technology services provider’s stock valued at $1,493,000 after acquiring an additional 1,477 shares during the period. Capital Investment Advisors LLC boosted its position in ServiceNow by 28.6% in the 2nd quarter. Capital Investment Advisors LLC now owns 2,358 shares of the information technology services provider’s stock worth $1,855,000 after purchasing an additional 525 shares in the last quarter. Finally, Sax Wealth Advisors LLC grew its stake in shares of ServiceNow by 48.2% during the 2nd quarter. Sax Wealth Advisors LLC now owns 621 shares of the information technology services provider’s stock worth $489,000 after purchasing an additional 202 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.