ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Barclays Analyst Says

ServiceNow (NYSE:NOW - Free Report) had its price objective upped by Barclays from $1,085.00 to $1,200.00 in a report published on Monday morning,Benzinga reports. They currently have an overweight rating on the information technology services provider's stock.

Several other analysts have also weighed in on the company. Guggenheim reissued a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and upped their target price for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Wells Fargo & Company upped their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. lowered their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Piper Sandler lowered their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,104.71.

ServiceNow Stock Up 3.6%

Shares of NYSE:NOW traded up $34.21 during trading on Monday, hitting $990.64. The company's stock had a trading volume of 2,683,046 shares, compared to its average volume of 1,684,719. 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 has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock's 50-day moving average price is $1,002.51 and its two-hundred day moving average price is $954.31. The company has a market capitalization of $205.05 billion, a PE ratio of 134.40, a PEG ratio of 4.41 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.13 earnings per share. As a group, sell-side analysts expect that ServiceNow will post 8.93 EPS for the current year.

Insider Activity

In other ServiceNow news, Director Jonathan Chadwick sold 770 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the completion of the transaction, the director directly owned 3,205 shares of the company's stock, valued at approximately $2,985,842.10. This trade represents a 19.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the 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 owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their position. 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 quarter. 0.38% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC lifted its holdings in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after purchasing an additional 100,670 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. Hedge funds and other institutional investors 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.