Cantor Fitzgerald Increases ServiceNow (NYSE:NOW) Price Target to $141.00

Key Points

• Cantor Fitzgerald raised its price target on ServiceNow from $122 to $141 and kept an overweight rating, implying about 36% upside from the current price.
• Wall Street remains broadly positive on the stock, with the consensus rating at Moderate Buy and an average price target of $139.61, though individual analysts have widely different views.
• ServiceNow reported strong recent results, including 22.1% year-over-year revenue growth and quarterly EPS that matched estimates, while the stock was last seen around $103.40.

ServiceNow (NYSE:NOW - Get Free Report) had its price objective boosted by equities researchers at Cantor Fitzgerald from $122.00 to $141.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the information technology services provider's stock. Cantor Fitzgerald's price objective indicates a potential upside of 36.36% from the stock's current price.

Several other research firms also recently weighed in on NOW. Jefferies Financial Group restated a "buy" rating and issued a $135.00 price objective (down from $175.00) on shares of ServiceNow in a report on Thursday, April 23rd. CLSA assumed coverage on shares of ServiceNow in a research report on Monday. They set an "underperform" rating and a $72.00 target price on the stock. Citizens Jmp restated a "market outperform" rating and issued a $157.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of ServiceNow in a research report on Monday, June 29th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $145.00 price objective (down from $163.00) on shares of ServiceNow in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $139.61.

ServiceNow Stock Up 0.2%

Shares of NYSE NOW opened at $103.40 on Monday. ServiceNow has a 52-week low of $81.24 and a 52-week high of $210.20. The firm has a market capitalization of $106.60 billion, a price-to-earnings ratio of 61.62, a PEG ratio of 1.73 and a beta of 0.96. The stock has a 50 day moving average price of $103.97 and a 200 day moving average price of $109.27. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same period last year, the business posted $0.81 EPS. ServiceNow's quarterly revenue was up 22.1% on a year-over-year basis. Sell-side analysts expect that ServiceNow will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the sale, the director owned 30,090 shares in the company, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,071 shares of company stock valued at $2,529,956 over the last quarter. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently modified their holdings of the business. Millstone Evans Group LLC grew its stake in ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 132 shares during the period. CBIZ Investment Advisory Services LLC lifted its holdings in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Blueline Advisors LLC purchased a new position in ServiceNow during the fourth quarter valued at $25,000. Measured Wealth Private Client Group LLC grew its position in shares of ServiceNow by 560.0% in the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 140 shares during the period. Finally, Wealth Watch Advisors INC grew its position in shares of ServiceNow by 432.3% in the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 134 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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