ServiceNow (NYSE:NOW) Price Target Raised to $1,045.00 at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price objective increased by analysts at Royal Bank of Canada from $985.00 to $1,045.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 9.29% from the company’s current price.

Several other research firms also recently commented on NOW. Evercore ISI boosted their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday. Canaccord Genuity Group boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a report on Thursday. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus upped their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday. Finally, Guggenheim reaffirmed a “sell” rating and set a $640.00 price target on shares of ServiceNow in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $972.42.

ServiceNow Stock Up 5.3 %

Shares of NYSE NOW traded up $48.53 during mid-day trading on Thursday, hitting $956.21. 2,231,050 shares of the stock traded hands, compared to its average volume of 1,279,862. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a 52 week low of $527.24 and a 52 week high of $979.78. The company has a market cap of $196.02 billion, a price-to-earnings ratio of 102.27, a PEG ratio of 5.63 and a beta of 0.99. The stock has a fifty day moving average price of $880.60 and a 200-day moving average price of $795.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $2.61 billion. During the same period in the previous year, the company posted $0.77 earnings per share. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. Research analysts anticipate that ServiceNow will post 6.78 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the transaction, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,467 shares of company stock valued at $4,450,447. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of NOW. International Assets Investment Management LLC boosted its holdings in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares during the period. Swedbank AB bought a new stake in shares of ServiceNow during the 1st quarter worth approximately $897,908,000. Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 331,797 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of ServiceNow during the 2nd quarter worth approximately $218,786,000. Finally, Acadian Asset Management LLC lifted its stake in shares of ServiceNow by 233.4% during the 1st quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after acquiring an additional 271,073 shares during the last quarter. 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.