ServiceNow (NYSE:NOW) Shares Up 2.3% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares were up 2.3% on Monday after Piper Sandler raised their price target on the stock from $140.00 to $175.00. Piper Sandler currently has an overweight rating on the stock. ServiceNow traded as high as $145.48 and last traded at $145.3030. Approximately 9,546,832 shares traded hands during trading, a decline of 56% from the average daily volume of 21,535,047 shares. The stock had previously closed at $141.97.

A number of other analysts have also recently weighed in on NOW. Truist Financial increased their price objective on ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Robert W. Baird boosted their target price on ServiceNow from $118.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Benchmark reissued a “buy” rating on shares of ServiceNow in a report on Friday, July 17th. Citigroup reissued a “buy” rating and set a $170.00 price target (up from $154.00) on shares of ServiceNow in a report on Wednesday, October 14th. Finally, JPMorgan Chase & Co. raised their target price on ServiceNow from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $152.29.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline Canney sold 7,847 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the transaction, the insider directly owned 30,042 shares in the company, valued at $4,145,796. This represents a 20.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total transaction of $365,850.00. Following the transaction, the director directly owned 43,990 shares in the company, valued at approximately $5,960,645. This represents a 5.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 14,081 shares of company stock worth $1,937,904 in the last 90 days. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cornerstone Financial Management LLC raised its holdings in shares of ServiceNow by 72.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 107 shares in the last quarter. CrossGen Wealth LLC bought a new position in ServiceNow during the first quarter valued at about $29,000. Marquette Asset Management LLC raised its holdings in ServiceNow by 75.0% during the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 129 shares in the last quarter. Kilter Group LLC acquired a new stake in shares of ServiceNow in the second quarter worth about $31,000. Finally, Solstein Capital LLC acquired a new stake in shares of ServiceNow in the second quarter worth about $35,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

The company has a market cap of $150.24 billion, a P/E ratio of 90.81, a P/E/G ratio of 2.61 and a beta of 0.99. The firm has a 50 day moving average price of $135.20 and a 200-day moving average price of $113.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the prior year, the firm posted $0.81 EPS. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, research analysts predict that ServiceNow, Inc. will post 2.22 EPS for the current year.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company’s products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.