ServiceNow (NYSE:NOW) Trading 2.1% Higher Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 2.1% during trading on Monday after Benchmark raised their price target on the stock from $125.00 to $130.00. Benchmark currently has a buy rating on the stock. ServiceNow traded as high as $107.18 and last traded at $104.2640. Approximately 22,701,900 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 24,038,221 shares. The stock had previously closed at $102.15.

NOW has been the subject of a number of other reports. Wolfe Research set a $125.00 price target on ServiceNow in a report on Thursday, April 23rd. Truist Financial cut their price target on ServiceNow from $125.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. Weiss Ratings downgraded ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, April 21st. TD Cowen reiterated a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Thursday, April 23rd. Finally, KeyCorp set a $85.00 price objective on ServiceNow and gave the stock an “underweight” rating in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.17.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the sale, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction dated 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 sale, the director owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 28,071 shares of company stock worth $2,529,956. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently added to or reduced their stakes in the company. Meridian Wealth Advisors LLC raised its position in ServiceNow by 2.2% during the third quarter. Meridian Wealth Advisors LLC now owns 552 shares of the information technology services provider’s stock valued at $508,000 after purchasing an additional 12 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in shares of ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,270 shares of the information technology services provider’s stock worth $1,169,000 after buying an additional 13 shares during the period. JT Stratford LLC increased its holdings in shares of ServiceNow by 3.5% in the third quarter. JT Stratford LLC now owns 385 shares of the information technology services provider’s stock worth $354,000 after buying an additional 13 shares during the period. Abbot Financial Management Inc. increased its holdings in shares of ServiceNow by 2.9% in the third quarter. Abbot Financial Management Inc. now owns 502 shares of the information technology services provider’s stock worth $462,000 after buying an additional 14 shares during the period. Finally, Cozad Asset Management Inc. increased its holdings in shares of ServiceNow by 6.7% in the third quarter. Cozad Asset Management Inc. now owns 223 shares of the information technology services provider’s stock worth $205,000 after buying an additional 14 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

The stock has a market cap of $107.50 billion, a PE ratio of 62.14, a P/E/G ratio of 1.69 and a beta of 0.94. The company has a fifty day moving average price of $99.80 and a 200 day moving average price of $119.74. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Analysts expect that ServiceNow, Inc. will post 2.35 earnings per share for the current 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.