ServiceNow (NYSE:NOW) Price Target Raised to $880.00

ServiceNow (NYSE:NOW) had its target price lifted by Royal Bank of Canada from $850.00 to $880.00 in a research report report published on Thursday, Benzinga reports. The firm currently has an outperform rating on the information technology services provider’s stock.

Several other research firms have also weighed in on NOW. Morgan Stanley raised their price objective on shares of ServiceNow from $814.00 to $830.00 and gave the company an overweight rating in a research report on Thursday, April 25th. Truist Financial raised their price objective on shares of ServiceNow from $750.00 to $780.00 and gave the company a hold rating in a research report on Thursday. KeyCorp reduced their price objective on shares of ServiceNow from $950.00 to $920.00 and set an overweight rating for the company in a research report on Tuesday, July 2nd. Canaccord Genuity Group restated a buy rating and set a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an overweight rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of Moderate Buy and a consensus price target of $842.22.

ServiceNow Stock Performance

Shares of NOW opened at $827.61 on Thursday. The firm has a 50-day moving average price of $744.03 and a 200 day moving average price of $751.55. The firm has a market capitalization of $170.49 billion, a PE ratio of 88.51, a P/E/G ratio of 5.17 and a beta of 0.99. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow has a 52-week low of $527.24 and a 52-week high of $850.33.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 EPS. On average, sell-side analysts anticipate that ServiceNow will post 6.5 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Christopher Bedi sold 215 shares of ServiceNow stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now directly owns 15,892 shares in the company, valued at $11,124,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher Bedi sold 215 shares of ServiceNow stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total transaction of $150,500.00. Following the completion of the transaction, the insider now directly owns 15,892 shares in the company, valued at approximately $11,124,400. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock worth $3,997,012 over the last ninety days. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors have recently modified their holdings of the company. Creekmur Asset Management LLC bought a new position in ServiceNow during the first quarter worth $25,000. Versant Capital Management Inc increased its position in ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the period. EntryPoint Capital LLC increased its position in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the period. University of Texas Texas AM Investment Managment Co. bought a new position in ServiceNow during the fourth quarter worth $29,000. Finally, AdvisorNet Financial Inc increased its position in ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 32 shares during the period. 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.