ServiceNow (NYSE:NOW) Price Target Raised to $130.00

ServiceNow (NYSE:NOW) had its price objective raised by research analysts at Truist Financial from $120.00 to $130.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Truist Financial’s price target would suggest a potential upside of 20.69% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Wolfe Research set a $125.00 price target on shares of ServiceNow in a report on Thursday, April 23rd. Guggenheim raised shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Wednesday, July 1st. Bank of America initiated coverage on shares of ServiceNow in a research note on Monday, May 18th. They issued a “buy” rating and a $130.00 target price on the stock. Benchmark increased their target price on shares of ServiceNow from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, Oppenheimer restated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $141.47.

ServiceNow Stock Performance

NOW stock opened at $107.71 on Thursday. The firm has a market cap of $111.05 billion, a PE ratio of 63.75, a P/E/G ratio of 1.84 and a beta of 0.96. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $101.74 and a 200-day moving average of $111.62. ServiceNow has a 12-month low of $81.24 and a 12-month high of $210.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting analysts’ consensus estimates of $0.97. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.ServiceNow’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. As a group, sell-side analysts expect that ServiceNow will post 2.34 earnings per share for the current year.

Insider Activity

In other news, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 28,071 shares of company stock worth $2,529,956. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of ServiceNow in the fourth quarter worth about $2,020,992,000. World Investment Advisors raised its position in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after purchasing an additional 38,583 shares during the last quarter. Cohen Klingenstein LLC raised its position in ServiceNow by 400.0% during the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock valued at $1,532,000 after purchasing an additional 8,000 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after buying an additional 36,274 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after buying an additional 2,064,440 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow’s latest results were described as solid, with revenue and earnings meeting or topping expectations, which argues the business is still executing well despite the stock’s weakness. ServiceNow (NOW) Sold Off Despite a Solid Result
• Positive Sentiment: Fresh analyst commentary from Guggenheim helped sentiment, with the firm upgrading ServiceNow and saying the bearish “AI extinction” thesis looks less convincing. This analyst upgraded Salesforce & ServiceNow, but not because they’ll be AI winners
• Positive Sentiment: Interest in the stock remains high, and several recent articles highlight ServiceNow’s AI platform momentum, security-focused acquisitions, and positioning in cloud/software spending. ServiceNow, Inc. (NOW) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: Other coverage was mostly broad sector commentary, including cloud-computing stock ideas and a software-sector rotation story, which may support the shares indirectly but does not appear ServiceNow-specific. 3 Cloud Computing Stocks to Buy Before Earnings Season in July
• Negative Sentiment: Some recent articles focus on why ServiceNow has fallen sharply this year, reflecting investor concern about valuation and future growth expectations. Why ServiceNow Stock Plunged 36% in the First Half of the Year

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.