ServiceNow (NYSE:NOW) Stock Price Target Raised at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised ServiceNow’s price target from $174 to $201 while maintaining an “overweight” rating, implying 26.18% upside from the previous close.
• Analyst sentiment remains favorable, with ServiceNow holding a consensus “Moderate Buy” rating and an average target price of $155.74; recent targets from other firms range as high as $266.
• ServiceNow opened at $159.29, has gained substantially above its 50- and 200-day moving averages, and is predominantly institutionally owned, with hedge funds and other institutions holding 87.18% of shares.

ServiceNow (NYSE:NOW - Get Free Report) had its price objective upped by research analysts at Cantor Fitzgerald from $174.00 to $201.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the information technology services provider's stock. Cantor Fitzgerald's price objective suggests a potential upside of 26.18% from the company's previous close.

Several other analysts have also issued reports on the stock. Sanford C. Bernstein restated an "outperform" rating and set a $266.00 price target on shares of ServiceNow in a research report on Tuesday, October 20th. Wells Fargo & Company reiterated an "overweight" rating and issued a $190.00 price objective (up from $175.00) on shares of ServiceNow in a report on Monday, October 12th. Benchmark restated a "buy" rating on shares of ServiceNow in a report on Friday, July 17th. Barclays restated an "overweight" rating and set a $160.00 price target (up from $134.00) on shares of ServiceNow in a research report on Tuesday, October 13th. Finally, Royal Bank Of Canada lifted their target price on shares of ServiceNow from $130.00 to $176.00 and gave the stock an "outperform" rating in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $155.74.

ServiceNow Price Performance

NOW stock opened at $159.29 on Monday. ServiceNow has a one year low of $81.24 and a one year high of $192.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $164.71 billion, a PE ratio of 99.56, a P/E/G ratio of 2.92 and a beta of 0.99. The firm has a 50 day simple moving average of $137.87 and a two-hundred day simple moving average of $115.48.

Insiders Place Their Bets

In related news, insider Jacqueline Canney sold 7,847 shares of the company'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 value of $1,082,886.00. Following the sale, the insider owned 30,042 shares in the company, valued at $4,145,796. This represents a 20.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the firm's stock in a transaction 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 transaction, the insider owned 18,305 shares of the company's stock, valued at $2,706,760.35. The trade was a 10.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 14,081 shares of company stock worth $1,937,904. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently added to or reduced their stakes in NOW. BlackRock Inc. purchased a new stake in shares of ServiceNow during the second quarter valued at $9,536,615,000. Bank of New York Mellon Corp purchased a new position in ServiceNow in the 2nd quarter worth about $712,573,000. Legal & General Group Plc purchased a new position in ServiceNow in the 2nd quarter worth about $641,888,000. Bank of America Corp DE bought a new stake in ServiceNow during the 2nd quarter valued at about $627,355,000. Finally, Deutsche Bank AG bought a new stake in ServiceNow during the 2nd quarter valued at about $595,157,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

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.

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