ServiceNow (NYSE:NOW) Price Target Increased to $1,000.00 by Analysts at TD Cowen

ServiceNow (NYSE:NOW) had its price objective upped by TD Cowen from $900.00 to $1,000.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

NOW has been the topic of several other reports. Barclays boosted their price objective on shares of ServiceNow from $890.00 to $980.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Evercore ISI increased their price target on shares of ServiceNow from $850.00 to $950.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Royal Bank of Canada increased their target price on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Jefferies Financial Group boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $970.22.

ServiceNow Stock Up 5.4 %

NOW stock opened at $956.40 on Monday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $880.60 and its 200 day moving average price is $795.09. ServiceNow has a 52 week low of $527.24 and a 52 week high of $979.78. The company has a market cap of $197.02 billion, a P/E ratio of 172.95, a P/E/G ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly 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. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 EPS. On average, research analysts expect that ServiceNow will post 7.41 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, 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 transaction of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. 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 the SEC website. In related news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,467 shares of company stock worth $4,450,447. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after buying an additional 34,855 shares during the last quarter. Swedbank AB raised its holdings in ServiceNow by 10.3% in the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after acquiring an additional 120,983 shares in the last quarter. International Assets Investment Management LLC boosted its stake in ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of ServiceNow by 21.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after purchasing an additional 168,734 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.