ServiceNow (NYSE:NOW) Price Target Raised to $1,110.00 at Bank of America

ServiceNow (NYSE:NOW - Free Report) had its price target upped by Bank of America from $1,085.00 to $1,110.00 in a research note issued to investors on Friday morning,Benzinga reports. Bank of America currently has a buy rating on the information technology services provider's stock.

Other equities analysts have also issued research reports about the stock. Piper Sandler cut their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and increased their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Guggenheim reissued a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday. Finally, Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,075.87.

ServiceNow Stock Performance

NYSE NOW traded up $4.28 during trading hours on Friday, hitting $963.43. 1,153,834 shares of the stock were exchanged, compared to its average volume of 1,486,620. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The company has a market cap of $199.41 billion, a price-to-earnings ratio of 130.90, a price-to-earnings-growth ratio of 4.41 and a beta of 0.94. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a 50-day moving average of $1,006.88 and a 200 day moving average of $957.08.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company's quarterly revenue was up 18.6% compared to the same quarter last year. During the same period last year, the firm earned $3.41 EPS. As a group, equities research analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares in the company, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,601 shares of company stock valued at $6,577,363 in the last ninety days. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares during the last quarter. FMR LLC lifted its stake in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC bought a new stake in ServiceNow in the first quarter worth $1,820,000. Nicholas Investment Partners LP increased its position in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new position in ServiceNow during the first quarter worth $285,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.