Morgan Stanley Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW - Get Free Report) had its price target upped by investment analysts at Morgan Stanley from $950.00 to $1,040.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the information technology services provider's stock. Morgan Stanley's target price points to a potential downside of 0.58% from the stock's current price.

A number of other research firms have also recently commented on NOW. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Wells Fargo & Company raised their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Royal Bank Of Canada raised their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Raymond James Financial decreased 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 research note on Tuesday, April 8th. Finally, Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and raised their price target for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,068.23.

ServiceNow Stock Performance

NOW traded up $36.27 during midday trading on Wednesday, hitting $1,046.03. 1,205,886 shares of the company were exchanged, compared to its average volume of 1,486,285. The company's 50 day simple moving average is $1,003.94 and its 200 day simple moving average is $963.64. The firm has a market capitalization of $216.51 billion, a price-to-earnings ratio of 142.12, a price-to-earnings-growth ratio of 4.80 and a beta of 0.94. 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 has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period last year, the firm earned $3.41 EPS. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value 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. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 62 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $4,431,636. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of ServiceNow in the fourth quarter worth $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the fourth quarter worth $32,000. Bogart Wealth LLC grew its stake in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares in the last quarter. Finally, Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the first quarter worth $26,000. 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.