ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Piper Sandler Analyst Says

ServiceNow (NYSE:NOW) had its target price upped by investment analysts at Piper Sandler from $1,000.00 to $1,200.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 13.98% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen increased their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Sanford C. Bernstein lifted their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Scotiabank assumed coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. Royal Bank of Canada raised their price target on ServiceNow from $1,045.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Canaccord Genuity Group boosted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. 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. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,061.04.

ServiceNow Stock Performance

NYSE:NOW opened at $1,052.82 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $1,058.15 and a 200 day moving average price of $917.99. The firm has a market capitalization of $216.88 billion, a PE ratio of 163.74, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,157.90.

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

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction 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 sale, the insider now owns 3,027 shares in the company, 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 sold 20,629 shares of company stock valued at $20,861,626 in the last quarter. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently added to or reduced their stakes in NOW. One Wealth Capital Management LLC acquired a new position in shares of ServiceNow during the fourth quarter worth about $1,264,000. Westwind Capital boosted its position in ServiceNow by 41.6% during the 4th quarter. Westwind Capital now owns 23,131 shares of the information technology services provider’s stock worth $24,522,000 after acquiring an additional 6,798 shares during the last quarter. Regent Peak Wealth Advisors LLC grew its stake in shares of ServiceNow by 4.0% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 392 shares of the information technology services provider’s stock worth $416,000 after acquiring an additional 15 shares in the last quarter. Capital Market Strategies LLC raised its holdings in shares of ServiceNow by 2.4% in the fourth quarter. Capital Market Strategies LLC now owns 1,048 shares of the information technology services provider’s stock valued at $1,111,000 after purchasing an additional 25 shares during the last quarter. Finally, Neville Rodie & Shaw Inc. lifted its position in shares of ServiceNow by 1.8% in the fourth quarter. Neville Rodie & Shaw Inc. now owns 2,659 shares of the information technology services provider’s stock worth $2,819,000 after purchasing an additional 47 shares in the last quarter. Institutional investors 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.