ServiceNow (NYSE:NOW) Stock Price Expected to Rise, JMP Securities Analyst Says

ServiceNow (NYSE:NOW) had its price objective upped by equities research analysts at JMP Securities from $1,000.00 to $1,300.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “market outperform” rating on the information technology services provider’s stock. JMP Securities’ target price suggests a potential upside of 19.19% from the company’s previous close.

Other analysts also recently issued research reports about the company. Jefferies Financial Group raised their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Truist Financial boosted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Robert W. Baird increased their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Piper Sandler lifted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,090.72.

ServiceNow Stock Performance

Shares of NYSE:NOW traded up $19.18 during midday trading on Tuesday, hitting $1,090.66. The company’s stock had a trading volume of 267,014 shares, compared to its average volume of 1,094,353. The stock’s 50 day simple moving average is $1,070.37 and its 200 day simple moving average is $935.27. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The stock has a market capitalization of $224.68 billion, a price-to-earnings ratio of 170.31, a PEG ratio of 4.85 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.21 earnings per share. As a group, research analysts anticipate that ServiceNow will post 7.06 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the sale, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently made changes to their positions in the company. World Investment Advisors LLC lifted its stake in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of ServiceNow by 89,137.0% during 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 during the period. Bank of Montreal Can grew its stake in shares of ServiceNow by 216.6% in the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after purchasing an additional 935,848 shares during the last quarter. Wellington Management Group LLP increased its holdings in ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the period. Finally, FMR LLC increased its holdings in ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.