Robert W. Baird Boosts ServiceNow (NYSE:NOW) Price Target to $1,150.00

ServiceNow (NYSE:NOW - Get Free Report) had its price target increased by Robert W. Baird from $1,010.00 to $1,150.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the information technology services provider's stock. Robert W. Baird's target price suggests a potential upside of 23.63% from the company's previous close.

A number of other research firms also recently weighed in on NOW. Citigroup cut their target price on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Redburn Atlantic began coverage on ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. Oppenheimer boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Raymond James lowered their price objective 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, The Goldman Sachs Group reduced their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,032.94.

ServiceNow Stock Performance

Shares of NOW traded down $15.09 during mid-day trading on Thursday, hitting $930.18. The stock had a trading volume of 1,231,347 shares, compared to its average volume of 1,503,707. The company has a market cap of $192.55 billion, a PE ratio of 135.86, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company's fifty day simple moving average is $838.68 and its two-hundred day simple moving average is $967.87. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow announced that its board has authorized a stock buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. The trade was a 10.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. This trade represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock valued at $19,853,273 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently modified their holdings of the business. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in ServiceNow in the fourth quarter worth $28,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. LFA Lugano Financial Advisors SA bought a new position in ServiceNow in the 4th quarter valued at $32,000. Finally, FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. 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.