ServiceNow (NYSE:NOW) Trading Up 1.2% - Here's What Happened

ServiceNow, Inc. (NYSE:NOW - Get Free Report)'s stock price traded up 1.2% during trading on Friday . The stock traded as high as $1,029.48 and last traded at $1,030.13. 177,294 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,480,086 shares. The stock had previously closed at $1,017.60.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOW. Barclays set a $1,085.00 target price on shares of ServiceNow in a report on Wednesday, May 7th. Guggenheim lifted their price objective on ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research report on Thursday, April 24th. Stifel Nicolaus upped their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Raymond James reduced their target price 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 reissued a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

ServiceNow Stock Performance

The stock has a market cap of $213.34 billion, a P/E ratio of 150.91, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. 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 stock's 50 day simple moving average is $919.44 and its two-hundred day simple moving average is $974.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm's revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.41 EPS. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction 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 sale, the insider now directly owns 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anita M. Sands sold 428 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the sale, the director now directly owns 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 over the last three months. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. GAMMA Investing LLC increased its position in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new stake in ServiceNow in the fourth quarter valued at $2,603,360,000. Nuveen LLC bought a new position in shares of ServiceNow in the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in 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 during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

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.