ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

ServiceNow (NYSE:NOW - Get Free Report) had its price objective raised by stock analysts at Wells Fargo & Company from $1,150.00 to $1,225.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. Wells Fargo & Company's price objective suggests a potential upside of 23.39% from the stock's previous close.

A number of other brokerages also recently issued reports on NOW. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and boosted their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. reduced their price objective 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. Piper Sandler lowered their price objective 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. Finally, Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,098.90.

ServiceNow Stock Performance

Shares of NOW traded up $36.38 during midday trading on Thursday, reaching $992.81. 2,203,474 shares of the stock were exchanged, compared to its average volume of 1,681,475. ServiceNow has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The company has a market cap of $205.49 billion, a P/E ratio of 134.88, a PEG ratio of 4.41 and a beta of 0.94. The stock's 50 day simple moving average is $1,002.51 and its 200 day simple moving average is $954.31.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for 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%. The company's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.13 earnings per share. On average, sell-side analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow 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 transaction of $1,194,420.00. Following the sale, the insider 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,601 shares of company stock valued at $6,577,363. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in NOW. Vanguard Group Inc. increased its position in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing an additional 297,734 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 stake in 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 buying an additional 272,506 shares during the last quarter. Geode Capital Management LLC lifted its stake in 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 buying an additional 100,670 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of ServiceNow by 7.1% during 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 worth $2,263,519,000 after purchasing an additional 188,292 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.

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