ServiceNow (NYSE:NOW) Given New $1,150.00 Price Target at BMO Capital Markets

ServiceNow (NYSE:NOW) had its target price cut by BMO Capital Markets from $1,160.00 to $1,150.00 in a research report sent to investors on Thursday, Marketbeat.com reports. They currently have an outperform rating on the information technology services provider’s stock.

Several other research analysts have also recently issued reports on the company. Citigroup upped their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Oppenheimer reaffirmed an “outperform” rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. DA Davidson upped their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,159.66.

ServiceNow Trading Up 2.4%

NOW opened at $933.47 on Thursday. ServiceNow has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market capitalization of $194.16 billion, a price-to-earnings ratio of 112.87, a PEG ratio of 4.11 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business has a fifty day moving average price of $921.55 and a 200 day moving average price of $945.99.

Shares of ServiceNow are scheduled to split on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly issued shares will be payable to shareholders after the closing bell on Thursday, December 4th.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 EPS for the quarter, topping analysts’ consensus estimates of $4.21 by $0.61. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.35 billion. ServiceNow had a net margin of 13.66% and a return on equity of 19.23%. The company’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.72 earnings per share. Sell-side analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares of the company’s stock, valued at $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 17,980 shares of company stock worth $16,049,017. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Norges Bank purchased a new stake in ServiceNow during the 2nd quarter valued at approximately $2,589,235,000. Nuveen LLC purchased a new stake in ServiceNow during the 1st quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC purchased a new stake in ServiceNow during the 1st quarter valued at approximately $519,806,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.