ServiceNow (NYSE:NOW) Stock Price Up 1.6% After Analyst Upgrade

Key Points

• ServiceNow shares rose 1.6% after Cantor Fitzgerald lifted its price target from $122 to $141 and maintained an overweight rating. The stock traded as high as $105.33 during the session.
• Analyst sentiment remains generally positive, with TD Cowen reaffirming a buy rating and the consensus view on MarketBeat still at Moderate Buy. The average target price across analysts is $139.12, though some firms have recently cut targets or issued bearish ratings.
• Recent insider activity included sales by director Anita M. Sands and insider Paul Fipps, while institutional ownership remains high at 87.18%. ServiceNow also reported quarterly revenue of $3.77 billion, up 22.1% year over year, while matching EPS expectations at $0.97.

ServiceNow, Inc. (NYSE:NOW - Get Free Report)'s share price rose 1.6% on Monday after Cantor Fitzgerald raised their price target on the stock from $122.00 to $141.00. Cantor Fitzgerald currently has an overweight rating on the stock. ServiceNow traded as high as $105.33 and last traded at $104.8990. 20,436,051 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 23,597,367 shares. The stock had previously closed at $103.24.

NOW has been the subject of several other reports. TD Cowen reiterated a "buy" rating and issued a $140.00 price target on shares of ServiceNow in a research note on Friday. Robert W. Baird dropped their price objective on ServiceNow from $125.00 to $118.00 and set an "outperform" rating for the company in a report on Thursday, April 23rd. Citic Securities cut their target price on ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. CLSA started coverage on ServiceNow in a report on Monday. They set an "underperform" rating and a $72.00 target price on the stock. Finally, Weiss Ratings downgraded ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $139.12.

Insiders Place Their Bets

In other news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider directly owned 12,072 shares of the company's stock, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOW. Millstone Evans Group LLC boosted its position in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its holdings in shares of ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after buying an additional 135 shares in the last quarter. Blueline Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter valued at $25,000. Measured Wealth Private Client Group LLC lifted its stake in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 140 shares during the last quarter. Finally, Wealth Watch Advisors INC boosted its holdings in shares of ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

The business has a 50-day moving average of $103.97 and a two-hundred day moving average of $109.27. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The firm has a market cap of $108.15 billion, a P/E ratio of 62.51, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts' consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the firm posted $0.81 earnings per share. The business's revenue for the quarter was up 22.1% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 2.33 earnings per share for the current fiscal year.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.