Cantor Fitzgerald Boosts ServiceNow (NYSE:NOW) Price Target to $1,200.00

ServiceNow (NYSE:NOW - Get Free Report) had its price target increased by equities research analysts at Cantor Fitzgerald from $1,048.00 to $1,200.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. Cantor Fitzgerald's price objective would indicate a potential upside of 25.09% from the stock's current price.

A number of other brokerages have also weighed in on NOW. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Piper Sandler decreased their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Needham & Company LLC restated a "buy" rating and issued a $1,050.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, Robert W. Baird lifted their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,073.13.

ServiceNow Stock Performance

NYSE NOW traded down $7.70 on Wednesday, hitting $959.27. 1,261,075 shares of the stock traded hands, compared to its average volume of 1,487,887. The business's fifty day moving average is $1,007.21 and its two-hundred day moving average is $957.83. ServiceNow has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a market capitalization of $198.55 billion, a price-to-earnings ratio of 130.34, a PEG ratio of 4.40 and a beta of 0.94. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the company earned $3.41 earnings per share. ServiceNow's revenue was up 18.6% compared to the same quarter last year. As a group, equities analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock worth $6,577,363 in the last three months. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Haverford Trust Co lifted its position in shares of ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after buying an additional 10 shares during the last quarter. Ascent Group LLC lifted its position in shares of ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after buying an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. lifted its position in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC lifted its position in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after buying an additional 11 shares during the last quarter. Finally, one8zero8 LLC lifted its position in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after buying an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.