ServiceNow (NYSE:NOW) Price Target Raised to $1,050.00 at Stifel Nicolaus

ServiceNow (NYSE:NOW - Get Free Report) had its target price hoisted by Stifel Nicolaus from $975.00 to $1,050.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the information technology services provider's stock. Stifel Nicolaus' price target points to a potential upside of 8.30% from the stock's current price.

A number of other analysts have also weighed in on the stock. Morgan Stanley upped their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. reduced their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Evercore ISI upped their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,041.48.

ServiceNow Price Performance

NOW stock traded down $8.56 during mid-day trading on Tuesday, reaching $969.49. 428,820 shares of the company's stock were exchanged, compared to its average volume of 1,507,382. The stock's 50 day moving average is $840.02 and its 200 day moving average is $969.13. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market cap of $200.68 billion, a price-to-earnings ratio of 141.93, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.41 earnings per share. On average, research analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This trade represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,692 shares of company stock worth $18,173,444 in the last 90 days. Company insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow during the 4th quarter valued at about $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow in the fourth quarter worth $34,000. Finally, Bogart Wealth LLC increased its stake in shares of ServiceNow by 113.3% in the 1st 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. 87.18% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.