ServiceNow (NYSE:NOW) Price Target Raised to $170.00

Key Points

• BTIG Research raised ServiceNow’s price target to $170 from $150 and maintained a “buy” rating, implying approximately 20.3% upside from the prior close.
• ServiceNow reported quarterly EPS of $0.90, beating estimates of $0.86, while revenue rose 24% year over year to $3.99 billion, ahead of expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $144.73; however, insiders sold 14,081 shares worth about $1.94 million over the past 90 days.

ServiceNow (NYSE:NOW - Get Free Report) had its target price boosted by BTIG Research from $150.00 to $170.00 in a report released on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the information technology services provider's stock. BTIG Research's price target would indicate a potential upside of 20.30% from the company's previous close.

NOW has been the topic of a number of other research reports. Jefferies Financial Group restated a "buy" rating and issued a $140.00 price target (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Benchmark restated a "buy" rating on shares of ServiceNow in a report on Friday, July 17th. Piper Sandler reaffirmed an "overweight" rating and set a $140.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. Morgan Stanley set a $180.00 price objective on ServiceNow in a research report on Tuesday, July 21st. Finally, Bank of America upped their target price on ServiceNow from $130.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $144.73.

ServiceNow Trading Up 0.0%

NYSE NOW opened at $141.31 on Tuesday. The firm has a market capitalization of $146.11 billion, a PE ratio of 88.32, a price-to-earnings-growth ratio of 2.57 and a beta of 0.97. The business's 50-day moving average price is $118.03 and its two-hundred day moving average price is $108.20. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow has a 12 month low of $81.24 and a 12 month high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping 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 company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. The firm's quarterly revenue was up 24.0% on a year-over-year basis. On average, analysts expect that ServiceNow will post 2.24 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of the company's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the transaction, the director owned 43,990 shares in the company, valued at approximately $5,960,645. This represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 2,034 shares of ServiceNow stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the transaction, the insider owned 18,305 shares of the company's stock, valued at $2,706,760.35. This represents a 10.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its holdings in ServiceNow by 9,980.9% during the 2nd quarter. California State Teachers Retirement System now owns 154,496,061 shares of the information technology services provider's stock worth $15,338,369,000 after acquiring an additional 152,963,494 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of ServiceNow in the second quarter valued at about $9,536,615,000. State Street Corp raised its holdings in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock valued at $7,337,280,000 after purchasing an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 371.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock worth $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

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.

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