DA Davidson Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW - Get Free Report) had its price target upped by equities researchers at DA Davidson from $1,150.00 to $1,250.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the information technology services provider's stock. DA Davidson's price target would suggest a potential upside of 25.96% from the company's current price.

A number of other equities analysts also recently issued reports on the stock. Evercore ISI raised their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Raymond James Financial lowered their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a report on Tuesday, April 8th. Canaccord Genuity Group lowered their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Guggenheim reaffirmed a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,103.10.

ServiceNow Stock Performance

Shares of NOW traded up $35.94 on Thursday, reaching $992.37. The company's stock had a trading volume of 2,572,797 shares, compared to its average volume of 1,683,997. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market capitalization of $205.40 billion, a P/E ratio of 134.77, a PEG ratio of 4.41 and a beta of 0.94. The stock's 50 day simple moving average is $1,002.51 and its two-hundred day simple moving average is $954.31. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09.

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

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 2,050 shares of the firm'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 transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan Chadwick sold 770 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 3,205 shares in the company, valued at $2,985,842.10. The trade was a 19.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,601 shares of company stock worth $6,577,363 in the last quarter. 0.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of ServiceNow during the 4th quarter worth $27,000. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow during the 2nd quarter worth $30,000. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter valued at about $26,000. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors 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.

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