ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00 at Bank of America

ServiceNow (NYSE:NOW - Free Report) had its price target boosted by Bank of America from $1,110.00 to $1,200.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the information technology services provider's stock.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a report on Monday, July 21st. Mizuho upped their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Needham & Company LLC restated a "buy" rating and issued a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. Evercore ISI upped their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, UBS Group restated a "buy" rating and issued a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,114.87.

ServiceNow Stock Performance

NYSE NOW traded down $28.13 on Thursday, hitting $968.05. 1,998,443 shares of the company's stock were exchanged, compared to its average volume of 1,429,436. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.12. The firm's 50-day moving average price is $1,000.33 and its two-hundred day moving average price is $952.52. ServiceNow has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market cap of $200.37 billion, a price-to-earnings ratio of 121.92, a P/E/G ratio of 4.43 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. On average, research analysts expect that ServiceNow will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Jonathan Chadwick sold 770 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director owned 3,205 shares of the company's stock, valued at $2,985,842.10. This represents a 19.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,003 shares of company stock worth $6,015,106. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of ServiceNow in the 4th quarter worth $27,000. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow in the 2nd quarter worth $30,000. Bogart Wealth LLC raised its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter worth $26,000. Finally, Richardson Financial Services Inc. raised its position in shares of ServiceNow by 50.0% in the 2nd quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider's stock worth $33,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.