ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

ServiceNow (NYSE:NOW) had its price target increased by stock analysts at Wells Fargo & Company from $1,150.00 to $1,250.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 11.89% from the company’s previous close.

Several other research firms have also recently weighed in on NOW. Barclays raised their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Sanford C. Bernstein raised their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Citigroup lifted their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Mizuho increased their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, UBS Group boosted their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,002.64.

ServiceNow Price Performance

ServiceNow stock traded down $6.01 during midday trading on Thursday, hitting $1,117.12. 45,392 shares of the company’s stock were exchanged, compared to its average volume of 1,277,986. The stock has a 50-day moving average price of $972.88 and a two-hundred day moving average price of $853.49. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,126.63. The company has a market cap of $230.13 billion, a P/E ratio of 173.74, a PEG 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 issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow’s revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, equities research analysts forecast that ServiceNow will post 7.07 earnings per share for the current year.

Insider Activity at ServiceNow

In related news, 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 transaction of $326,510.88. Following 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 10.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock worth $20,861,626 over the last 90 days. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently added to or reduced their stakes in NOW. Wesbanco Bank Inc. bought a new stake in ServiceNow during the 2nd quarter valued at about $205,000. CX Institutional increased its position in shares of ServiceNow by 3.0% during the second quarter. CX Institutional now owns 1,076 shares of the information technology services provider’s stock worth $846,000 after purchasing an additional 31 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in shares of ServiceNow by 350.8% during 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 in the last quarter. Capital Investment Advisors LLC grew its position in ServiceNow by 28.6% during 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 during the last quarter. Finally, Sax Wealth Advisors LLC increased its position in shares of ServiceNow by 48.2% in the 2nd quarter. Sax Wealth Advisors LLC now owns 621 shares of the information technology services provider’s stock valued at $489,000 after acquiring an additional 202 shares during the period. Hedge funds and other 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.