ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Bank of America Analyst Says

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

NOW has been the topic of a number of other research reports. UBS Group restated a "buy" rating and set a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Oppenheimer restated an "outperform" rating and set a $1,100.00 price objective (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Mizuho upped their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,079.58.

ServiceNow Stock Performance

Shares of NOW traded down $2.51 during mid-day trading on Friday, reaching $960.89. The company's stock had a trading volume of 1,100,871 shares, compared to its average volume of 1,486,323. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock has a market cap of $198.89 billion, a P/E ratio of 123.36, a PEG ratio of 4.43 and a beta of 0.94. The business has a 50-day simple moving average of $1,006.53 and a two-hundred day simple moving average of $955.01. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping 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 firm's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the firm posted $3.41 EPS. As a group, equities research analysts anticipate that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 145 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at $3,087,540. The trade was a 4.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,601 shares of company stock worth $6,577,363. Insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently added to or reduced their stakes in the stock. Hudson Valley Investment Advisors Inc. ADV purchased a new stake in ServiceNow during the 2nd quarter valued at $5,633,000. Quent Capital LLC increased its stake in shares of ServiceNow by 5.7% in the 2nd quarter. Quent Capital LLC now owns 982 shares of the information technology services provider's stock worth $1,010,000 after purchasing an additional 53 shares in the last quarter. 111 Capital purchased a new stake in shares of ServiceNow in the 2nd quarter worth $1,287,000. Hennessy Advisors Inc. purchased a new stake in shares of ServiceNow in the 2nd quarter worth $129,000. Finally, Segment Wealth Management LLC increased its stake in shares of ServiceNow by 2.7% in the 2nd quarter. Segment Wealth Management LLC now owns 946 shares of the information technology services provider's stock worth $973,000 after purchasing an additional 25 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

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.