Citigroup Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its price target upped by research analysts at Citigroup from $1,160.00 to $1,234.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the information technology services provider's stock. Citigroup's target price indicates a potential upside of 24.29% from the stock's previous close.

NOW has been the topic of a number of other reports. Barclays boosted their target price on shares of ServiceNow from $1,085.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday. Piper Sandler dropped their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. TD Securities reiterated a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Needham & Company LLC boosted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Oppenheimer reissued an "outperform" rating and issued a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,098.90.

ServiceNow Stock Up 3.8%

NOW traded up $36.38 during trading on Thursday, hitting $992.81. The company had a trading volume of 2,203,474 shares, compared to its average volume of 1,681,475. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09. 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 capitalization of $205.49 billion, a PE ratio of 134.88, a PEG ratio of 4.41 and a beta of 0.94. The firm's 50-day moving average price is $1,002.51 and its 200 day moving average price is $954.31.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $3.13 earnings per share. The company's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, 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 transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. The trade was a 28.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,601 shares of company stock valued at $6,577,363. 0.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its holdings in shares of ServiceNow by 1.5% during the 4th 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 position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after buying an additional 272,506 shares during the period. Parr Mcknight Wealth Management Group LLC acquired a new position in ServiceNow during the first quarter valued at approximately $1,820,000. Nicholas Investment Partners LP boosted 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 valued at $2,974,000 after purchasing an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new position in ServiceNow during the first quarter valued at approximately $285,000. Institutional investors and hedge funds own 87.18% of the company's stock.

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.

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