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

ServiceNow (NYSE:NOW - Free Report) had its price objective upped by Citigroup from $1,128.00 to $1,160.00 in a research note issued to investors on Wednesday morning, MarketBeat reports. Citigroup currently has a buy rating on the information technology services provider's stock.

Several other analysts have also commented on NOW. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Barclays set a $969.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Raymond James 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. Bank of America decreased their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,055.83.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $6.64 during mid-day trading on Wednesday, hitting $981.13. The company had a trading volume of 919,297 shares, compared to its average volume of 1,516,226. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm's 50 day simple moving average is $844.85 and its two-hundred day simple moving average is $970.48. The stock has a market cap of $203.09 billion, a price-to-earnings ratio of 143.65, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the business posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% compared to the same quarter last year. As a group, equities research analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This trade represents a 10.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company's stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,150 shares of company stock valued at $16,550,424 over the last quarter. Corporate insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter worth about $2,603,360,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after purchasing an additional 666,383 shares in the last quarter. 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.