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

ServiceNow (NYSE:NOW - Get Free Report) had its target price hoisted by equities research analysts at Piper Sandler from $1,120.00 to $1,150.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the information technology services provider's stock. Piper Sandler's price objective would indicate a potential upside of 15.88% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. UBS Group reduced their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday. Barclays increased their target price on ServiceNow from $1,085.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. cut their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,103.10.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $35.94 on Thursday, hitting $992.37. The stock had a trading volume of 2,572,797 shares, compared to its average volume of 1,683,997. ServiceNow has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The stock has a market cap of $205.40 billion, a price-to-earnings ratio of 134.77, a P/E/G ratio of 4.41 and a beta of 0.94. The company's 50 day moving average price is $1,002.51 and its 200 day moving average price is $954.31.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. The business's revenue was up 22.4% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at approximately $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,601 shares of company stock valued at $6,577,363. Company insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its stake in shares of ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares in the last quarter. FMR LLC raised its stake in shares of ServiceNow by 4.9% in the 4th 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. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at about $1,820,000. Nicholas Investment Partners LP raised its stake in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after purchasing an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new stake in shares of ServiceNow in the 1st quarter valued at about $285,000. 87.18% of the stock is 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.

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