ServiceNow (NYSE:NOW) Price Target Raised to $1,075.00

ServiceNow (NYSE:NOW) had its price target raised by JPMorgan Chase & Co. from $1,020.00 to $1,075.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the information technology services provider’s stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley set a $1,315.00 price objective on shares of ServiceNow and gave the stock an “overweight” rating in a report on Thursday. Piper Sandler restated an “overweight” rating and set a $1,150.00 price objective on shares of ServiceNow in a report on Thursday. Wall Street Zen upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Citigroup raised their price objective on shares of ServiceNow from $1,234.00 to $1,253.00 and gave the stock a “buy” rating in a report on Thursday. Finally, TD Cowen raised their price objective on shares of ServiceNow from $1,200.00 to $1,250.00 and gave the stock a “buy” rating in a report on Thursday. Two equities 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,159.66.

ServiceNow Stock Performance

Shares of NOW stock opened at $918.22 on Thursday. The firm has a 50-day moving average of $922.19 and a 200-day moving average of $947.72. The company has a market cap of $190.99 billion, a P/E ratio of 111.03, a P/E/G 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. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09.

Shares of ServiceNow are going to split on the morning of Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly issued shares will be issued to shareholders after the market closes on Thursday, December 4th.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 EPS for the quarter, beating the consensus estimate of $4.21 by $0.61. The company 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 firm’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.72 earnings per share. Equities research analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 17,980 shares of company stock valued at $16,049,017. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the company. Wealth Preservation Advisors LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $382,000. Corient IA LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $19,278,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 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.