Piper Sandler Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective increased by Piper Sandler from $1,000.00 to $1,200.00 in a report issued on Monday,Benzinga reports. The firm currently has an overweight rating on the information technology services provider’s stock.

NOW has been the subject of several other reports. Truist Financial lifted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Canaccord Genuity Group boosted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Jefferies Financial Group increased their price target on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Robert W. Baird boosted their price objective on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company raised their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,061.04.

ServiceNow Trading Down 0.6 %

NYSE:NOW opened at $1,048.05 on Monday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $1,060.09 and a 200-day simple moving average of $918.90. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,157.90. The company has a market capitalization of $215.90 billion, a P/E ratio of 162.99, a PEG ratio of 6.43 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results 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 return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the business earned $1.21 EPS. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow will post 7.07 earnings per share for the current year.

Insiders Place Their Bets

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction on 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock valued at $20,861,626 in the last 90 days. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NOW. Private Advisor Group LLC boosted its holdings in ServiceNow by 58.5% in the 2nd quarter. Private Advisor Group LLC now owns 13,471 shares of the information technology services provider’s stock valued at $10,598,000 after purchasing an additional 4,972 shares during the last quarter. Great Lakes Advisors LLC raised its position in shares of ServiceNow by 698.2% during the 2nd quarter. Great Lakes Advisors LLC now owns 5,835 shares of the information technology services provider’s stock valued at $4,590,000 after buying an additional 5,104 shares during the period. Chris Bulman Inc acquired a new position in ServiceNow in the second quarter valued at approximately $67,000. Caprock Group LLC grew its position in ServiceNow by 44.2% in the second quarter. Caprock Group LLC now owns 3,994 shares of the information technology services provider’s stock worth $3,142,000 after acquiring an additional 1,225 shares during the period. Finally, First Foundation Advisors increased its stake in ServiceNow by 32.2% during the second quarter. First Foundation Advisors now owns 6,333 shares of the information technology services provider’s stock worth $4,982,000 after acquiring an additional 1,541 shares during the last quarter. Institutional investors and hedge funds 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.