Truist Financial Boosts ServiceNow (NYSE:NOW) Price Target to $780.00

ServiceNow (NYSE:NOW) had its price target hoisted by Truist Financial from $750.00 to $780.00 in a research note released on Thursday, Benzinga reports. The firm currently has a hold rating on the information technology services provider’s stock.

Other analysts have also issued research reports about the company. Robert W. Baird increased their target price on ServiceNow from $885.00 to $900.00 and gave the stock an outperform rating in a research note on Thursday. KeyCorp reduced their target price on ServiceNow from $950.00 to $920.00 and set an overweight rating on the stock in a research note on Tuesday, July 2nd. StockNews.com lowered ServiceNow from a buy rating to a hold rating in a research note on Friday, April 26th. Morgan Stanley increased their price target on ServiceNow from $814.00 to $830.00 and gave the stock an overweight rating in a research report on Thursday, April 25th. Finally, Jefferies Financial Group increased their price target on ServiceNow from $885.00 to $900.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $842.22.

ServiceNow Stock Performance

NYSE:NOW opened at $827.61 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock’s fifty day moving average is $744.03 and its 200 day moving average is $751.55. ServiceNow has a fifty-two week low of $527.24 and a fifty-two week high of $850.33. The firm has a market capitalization of $170.49 billion, a PE ratio of 88.51, a PEG ratio of 5.17 and a beta of 0.99.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 125 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the completion of the sale, the insider now directly owns 3,112 shares in the company, valued at $2,263,606.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Frederic B. Luddy sold 598 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $741.92, for a total value of $443,668.16. Following the completion of the transaction, the director now directly owns 428 shares in the company, valued at $317,541.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the completion of the transaction, the insider now owns 3,112 shares of the company’s stock, valued at $2,263,606.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,530 shares of company stock worth $3,997,012. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Federated Hermes Inc. raised its stake in shares of ServiceNow by 19.8% in the fourth quarter. Federated Hermes Inc. now owns 300,122 shares of the information technology services provider’s stock worth $212,033,000 after purchasing an additional 49,631 shares during the last quarter. M&G Plc purchased a new position in ServiceNow during the first quarter valued at approximately $11,030,000. Smithfield Trust Co raised its position in ServiceNow by 36.4% during the fourth quarter. Smithfield Trust Co now owns 981 shares of the information technology services provider’s stock valued at $691,000 after acquiring an additional 262 shares in the last quarter. Dohj LLC purchased a new position in ServiceNow during the fourth quarter valued at approximately $913,000. Finally, New Mexico Educational Retirement Board raised its position in ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares in the last quarter. 87.18% of the stock is currently 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.