ServiceNow (NYSE:NOW) Trading Up 1% - Here's Why

Key Points

• ServiceNow's stock price rose by 1% to $862.19, with total trading volume decreasing to 607,297 shares, significantly below the average of 1.7 million shares.
• Analysts have a consensus rating of "Moderate Buy" for ServiceNow, with a price target average of $1,115.20, reflecting a range of ratings from "sell" to "strong buy."
• In its last quarter, ServiceNow reported earnings of $4.09 EPS, surpassing expectations and showing a 22.4% year-over-year revenue growth to $3.22 billion.

ServiceNow, Inc. (NYSE:NOW - Get Free Report) shares shot up 1% on Wednesday . The company traded as high as $861.75 and last traded at $862.19. 607,297 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 1,696,472 shares. The stock had previously closed at $853.43.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Evercore ISI lifted their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Finally, Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Up 1.1%

The company's fifty day moving average price is $976.64 and its 200-day moving average price is $939.68. The stock has a market cap of $179.47 billion, a P/E ratio of 108.67, a price-to-earnings-growth ratio of 3.86 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other news, Director Anita M. Sands sold 428 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the sale, the director directly owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction on Friday, August 8th. The shares were sold at an average price of $878.39, for a total transaction of $256,489.88. Following the completion of the transaction, the chief financial officer directly owned 11,551 shares in the company, valued at $10,146,282.89. The trade was a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,587 shares of company stock worth $5,584,027. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Haverford Trust Co raised its stake in shares of ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC raised its stake in shares of ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock valued at $1,628,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. raised its stake in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC raised its stake in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. Finally, one8zero8 LLC raised its stake in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 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.

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