Raymond James Financial Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its price objective boosted by analysts at Raymond James Financial from $1,000.00 to $1,100.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the information technology services provider's stock. Raymond James Financial's price objective points to a potential upside of 11.20% from the stock's current price.

Several other equities research analysts have also recently commented on the company. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Stifel Nicolaus lifted their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. BMO Capital Markets lifted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday. Evercore ISI lifted their target price on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,107.94.

ServiceNow Stock Performance

Shares of NOW stock traded up $32.76 during mid-day trading on Thursday, reaching $989.19. The stock had a trading volume of 2,812,206 shares, compared to its average volume of 1,685,622. 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 firm's 50 day simple moving average is $1,002.51 and its 200 day simple moving average is $954.31. The firm has a market cap of $204.75 billion, a PE ratio of 134.75, a P/E/G ratio of 4.41 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results 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. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the firm posted $3.13 EPS. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. On average, analysts forecast that ServiceNow will post 8.93 EPS for the current year.

Insider Activity

In other ServiceNow news, Director Jonathan Chadwick sold 770 shares of the business'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 transaction, the director owned 3,205 shares of the company's stock, valued at $2,985,842.10. The trade was a 19.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deborah Black sold 598 shares of the business's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director owned 428 shares of the company's stock, valued at approximately $402,418.44. This represents a 58.28% 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 insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently made changes to their positions in NOW. Haverford Trust Co raised its stake in shares of ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC raised its stake in shares of ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after acquiring an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. raised its stake in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after acquiring an additional 11 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares during the last quarter. Finally, one8zero8 LLC raised its stake in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares during the last quarter. Institutional investors 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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