ServiceNow (NYSE:NOW) Price Target Increased to $900.00 by Analysts at Truist Financial

ServiceNow (NYSE:NOW) had its target price raised by Truist Financial from $780.00 to $900.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a hold rating on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Piper Sandler lifted their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Stifel Nicolaus lifted their target price on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Evercore ISI increased their price target on shares of ServiceNow from $850.00 to $950.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. JMP Securities lifted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a report on Thursday, October 17th. Finally, Guggenheim reissued a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $970.33.

ServiceNow Stock Performance

ServiceNow stock opened at $950.85 on Wednesday. ServiceNow has a 1-year low of $548.44 and a 1-year high of $979.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $195.88 billion, a PE ratio of 171.94, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99. The firm’s 50 day simple moving average is $883.09 and its 200 day simple moving average is $796.21.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 earnings per share. As a group, analysts expect that ServiceNow will post 7.41 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $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 can be accessed through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the business’s 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 transaction, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,467 shares of company stock worth $4,450,447 in the last 90 days. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOW. International Assets Investment Management LLC raised its holdings in ServiceNow by 89,137.0% in the third 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 in the last quarter. Swedbank AB purchased a new stake in shares of ServiceNow in the 1st quarter worth about $897,908,000. Vanguard Group Inc. increased its stake in shares of ServiceNow by 1.8% in 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 in the last quarter. AustralianSuper Pty Ltd purchased a new position in ServiceNow during the 2nd quarter valued at about $218,786,000. Finally, Acadian Asset Management LLC boosted its stake in ServiceNow by 233.4% during the first 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 in the last quarter. Hedge funds and other 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.