ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00

ServiceNow (NYSE:NOW - Get Free Report) had its target price lifted by equities researchers at BMO Capital Markets from $1,025.00 to $1,150.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has an "outperform" rating on the information technology services provider's stock. BMO Capital Markets' price target would indicate a potential upside of 10.55% from the company's current price.

Several other equities research analysts have also weighed in on NOW. William Blair reiterated an "outperform" rating on shares of ServiceNow in a report on Friday, March 7th. Erste Group Bank upgraded shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Oppenheimer restated an "outperform" rating and set a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

ServiceNow Trading Up 0.5%

NOW traded up $5.04 during mid-day trading on Wednesday, hitting $1,040.22. The stock had a trading volume of 1,156,504 shares, compared to its average volume of 1,517,797. The stock's fifty day simple moving average is $858.93 and its 200-day simple moving average is $972.52. 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 has a market capitalization of $215.33 billion, a price-to-earnings ratio of 152.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09.

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

ServiceNow declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,023 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. The trade was a 19.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,872 shares of company stock worth $13,261,400. 0.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bogart Wealth LLC grew its holdings in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the 1st quarter valued at approximately $26,000. Quarry LP bought a new stake in shares of ServiceNow during the 4th quarter valued at approximately $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow during the 4th quarter valued at approximately $28,000. Finally, WASHINGTON TRUST Co grew its holdings in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 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.