ServiceNow (NYSE:NOW) Given New $830.00 Price Target at Morgan Stanley

ServiceNow (NYSE:NOW) had its target price hoisted by Morgan Stanley from $814.00 to $830.00 in a research note issued to investors on Thursday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the information technology services provider’s stock.

Several other research firms have also commented on NOW. The Goldman Sachs Group raised their target price on shares of ServiceNow from $800.00 to $910.00 and gave the company a buy rating in a report on Thursday, January 25th. Jefferies Financial Group lifted their price target on shares of ServiceNow from $885.00 to $900.00 and gave the company a buy rating in a report on Wednesday, April 10th. Guggenheim reaffirmed a neutral rating on shares of ServiceNow in a report on Monday, April 15th. Mizuho lifted their price target on shares of ServiceNow from $750.00 to $820.00 and gave the company a buy rating in a report on Thursday, January 25th. Finally, Oppenheimer lifted their price target on shares of ServiceNow from $750.00 to $800.00 and gave the company an outperform rating in a report on Thursday, January 18th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of Moderate Buy and an average price target of $782.85.

ServiceNow Price Performance

NOW stock opened at $723.50 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. ServiceNow has a 12 month low of $427.68 and a 12 month high of $815.32. The firm has a market cap of $148.59 billion, a P/E ratio of 76.60, a P/E/G ratio of 4.72 and a beta of 0.97. The company’s 50-day moving average price is $760.05 and its two-hundred day moving average price is $706.80.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 20.34% and a return on equity of 14.00%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the firm earned $0.88 EPS. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, analysts anticipate that ServiceNow will post 6.16 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 1,795 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at $776,373.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock worth $9,940,303 in the last quarter. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after buying an additional 122,577 shares during the period. FMR LLC grew its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after buying an additional 595,697 shares during the period. Jennison Associates LLC grew its position in ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after buying an additional 53,719 shares during the period. Norges Bank bought a new position in ServiceNow during the fourth quarter valued at about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA grew its position in ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after buying an additional 81,028 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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.