Piper Sandler Boosts ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its target price raised by Piper Sandler from $850.00 to $1,000.00 in a research note released on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider’s stock.

A number of other research analysts have also recently issued reports on NOW. Mizuho lifted their price target on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird boosted their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday. Guggenheim reissued a “sell” rating and set a $640.00 price target on shares of ServiceNow in a research note on Monday, July 8th. Canaccord Genuity Group raised their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday. Finally, JMP Securities upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $970.22.

ServiceNow Price Performance

ServiceNow stock traded up $1.38 during trading hours on Thursday, hitting $957.96. 236,563 shares of the stock were exchanged, compared to its average volume of 1,280,213. The stock has a market capitalization of $197.34 billion, a P/E ratio of 172.95, a P/E/G ratio of 5.04 and a beta of 0.99. The business’s 50-day moving average is $880.60 and its two-hundred day moving average is $795.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a 12 month low of $548.44 and a 12 month high of $979.78.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the company earned $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. Equities research analysts expect that ServiceNow will post 7.41 EPS for the current fiscal year.

Insider Activity

In other ServiceNow news, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total transaction of $148,773.46. Following the sale, the insider now directly owns 3,779 shares in the company, valued at approximately $3,006,496.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 187 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the transaction, the insider now owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,467 shares of company stock worth $4,450,447 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NOW. First Affirmative Financial Network lifted its stake in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after acquiring an additional 12 shares in the last quarter. Capital Advisors Ltd. LLC raised its holdings in shares of ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the last quarter. Morling Financial Advisors LLC lifted its position in shares of ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after purchasing an additional 13 shares in the last quarter. CX Institutional boosted its holdings in ServiceNow by 1.2% during the third quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after purchasing an additional 13 shares during the last quarter. Finally, Optas LLC grew its position in ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares in the last quarter. 87.18% of the stock is 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.