ServiceNow (NYSE:NOW) Given New $1,200.00 Price Target at Needham & Company LLC

ServiceNow (NYSE:NOW - Free Report) had its price target upped by Needham & Company LLC from $1,050.00 to $1,200.00 in a research note issued to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the information technology services provider's stock.

A number of other research analysts have also weighed in on the company. Stifel Nicolaus raised their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. TD Securities reaffirmed a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Citigroup boosted their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Raymond James Financial decreased their price target on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. Finally, Mizuho boosted their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $1,114.87.

ServiceNow Stock Down 2.8%

NOW stock traded down $28.13 on Thursday, reaching $968.05. 1,998,443 shares of the company traded hands, compared to its average volume of 1,429,436. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09. 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 company has a market cap of $200.37 billion, a P/E ratio of 121.92, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm has a fifty day simple moving average of $1,000.33 and a 200-day simple moving average of $952.52.

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 for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the company earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. Research analysts anticipate that ServiceNow will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,003 shares of company stock valued at $6,015,106 in the last three months. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bogart Wealth LLC boosted its stake in ServiceNow by 113.3% during the first 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 last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow during the first quarter valued at approximately $26,000. Quarry LP bought a new position in ServiceNow during the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co boosted its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the last quarter. Finally, Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the second quarter valued at approximately $30,000. 87.18% of the stock is owned by 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.