ServiceNow (NYSE:NOW) Stock Price Up 1.1% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW - Get Free Report)'s stock price shot up 1.1% during trading on Friday after Royal Bank of Canada raised their price target on the stock from $975.00 to $1,060.00. Royal Bank of Canada currently has an outperform rating on the stock. ServiceNow traded as high as $960.00 and last traded at $949.10. 900,696 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 1,504,512 shares. The stock had previously closed at $938.57.

Several other analysts have also recently issued reports on NOW. William Blair reiterated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Truist Financial lowered their price target on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Citigroup decreased their price objective on shares of ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Raymond James cut their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. Finally, Piper Sandler reduced their target price 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,032.94.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This trade represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,250 shares of company stock valued at $19,853,273. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the stock. Traveka Wealth LLC boosted its stake in ServiceNow by 3.9% in the 1st quarter. Traveka Wealth LLC now owns 345 shares of the information technology services provider's stock worth $275,000 after purchasing an additional 13 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of ServiceNow during the first quarter valued at approximately $74,000. Argentarii LLC raised its holdings in ServiceNow by 1.5% in the 1st quarter. Argentarii LLC now owns 2,070 shares of the information technology services provider's stock worth $1,648,000 after acquiring an additional 31 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its holdings in shares of ServiceNow by 0.9% in the 1st quarter. Riggs Asset Managment Co. Inc. now owns 1,880 shares of the information technology services provider's stock worth $1,497,000 after purchasing an additional 16 shares in the last quarter. Finally, Sharp Financial Services LLC raised its stake in shares of ServiceNow by 5.0% in the first quarter. Sharp Financial Services LLC now owns 315 shares of the information technology services provider's stock worth $251,000 after purchasing an additional 15 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $195.16 billion, a P/E ratio of 138.04, a P/E/G ratio of 4.51 and a beta of 1.08. The business has a fifty day moving average price of $837.70 and a 200-day moving average price of $967.86.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.41 earnings per share. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

ServiceNow Company Profile

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.