ServiceNow (NYSE:NOW) Price Target Raised to $174.00 at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised ServiceNow’s price target to $174 from $141 and maintained an “overweight” rating, implying approximately 28.7% upside from the stock’s $135.21 price.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $146.51. Recent targets from other firms range from $125 to $160.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in earnings per share versus $0.86 expected and $3.99 billion in revenue, up 24% year over year. Insiders sold 14,081 shares worth about $1.94 million over the past quarter.

ServiceNow (NYSE:NOW - Get Free Report) had its target price raised by stock analysts at Cantor Fitzgerald from $141.00 to $174.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. Cantor Fitzgerald's price objective would indicate a potential upside of 28.69% from the stock's current price.

Several other brokerages have also recently commented on NOW. Evercore reiterated an "outperform" rating and issued a $160.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. Robert W. Baird increased their target price on shares of ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Bank of America lifted their price target on shares of ServiceNow from $130.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, August 19th. Royal Bank Of Canada reissued an "outperform" rating and set a $130.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. Finally, Needham & Company LLC raised their price objective on ServiceNow from $115.00 to $155.00 and gave the company a "buy" rating in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.51.

ServiceNow Trading Down 0.2%

NYSE:NOW opened at $135.21 on Monday. The stock has a fifty day moving average price of $123.37 and a two-hundred day moving average price of $110.13. The stock has a market capitalization of $139.80 billion, a price-to-earnings ratio of 84.50, a PEG ratio of 2.49 and a beta of 0.97. 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 has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results 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 company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter last year, the company earned $0.81 earnings per share. ServiceNow's quarterly revenue was up 24.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow will post 2.22 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the sale, the insider directly owned 18,305 shares in the company, valued at $2,706,760.35. This represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline Canney sold 7,847 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was 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 of the company's stock, valued at approximately $4,145,796. This trade represents a 20.71% 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. Insiders have sold 14,081 shares of company stock valued at $1,937,904 over the last quarter. Corporate insiders own 0.34% of the company's stock.

Institutional Trading of ServiceNow

A number of large investors have recently made changes to their positions in the stock. A. D. Beadell Investment Counsel Inc. raised its holdings in ServiceNow by 2.9% during the second quarter. A. D. Beadell Investment Counsel Inc. now owns 2,818 shares of the information technology services provider's stock worth $279,000 after buying an additional 80 shares during the last quarter. Atwood & Palmer Inc. grew its holdings in shares of ServiceNow by 20.0% during the second quarter. Atwood & Palmer Inc. now owns 600 shares of the information technology services provider's stock valued at $60,000 after buying an additional 100 shares during the last quarter. Capital Advisors Ltd. LLC increased its position in shares of ServiceNow by 25.2% during the first quarter. Capital Advisors Ltd. LLC now owns 516 shares of the information technology services provider's stock worth $54,000 after acquiring an additional 104 shares in the last quarter. Cornerstone Financial Management LLC increased its position in shares of ServiceNow by 72.8% during the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 107 shares in the last quarter. Finally, Symphony Financial Ltd. Co. raised its holdings in shares of ServiceNow by 1.5% in the 2nd quarter. Symphony Financial Ltd. Co. now owns 7,584 shares of the information technology services provider's stock worth $757,000 after acquiring an additional 115 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

About ServiceNow

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company's products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.

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