ServiceNow (NYSE:NOW) Price Target Raised to $906.00

ServiceNow (NYSE:NOW) had its price objective boosted by Citigroup from $896.00 to $906.00 in a report issued on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

Other analysts have also recently issued reports about the company. Piper Sandler raised their target price on ServiceNow from $750.00 to $830.00 and gave the stock an overweight rating in a research note on Thursday, January 25th. Barclays lifted their price objective on ServiceNow from $765.00 to $870.00 and gave the company an overweight rating in a research report on Tuesday, January 23rd. Needham & Company LLC reaffirmed a buy rating and set a $900.00 price objective on shares of ServiceNow in a research report on Tuesday. JMP Securities lifted their price objective on ServiceNow from $665.00 to $825.00 and gave the company a market outperform rating in a research report on Monday, January 22nd. Finally, The Goldman Sachs Group lifted their price objective on ServiceNow from $800.00 to $910.00 and gave the company a buy rating in a research report on Thursday, January 25th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $780.37.

ServiceNow Trading Down 0.7 %

NYSE NOW opened at $731.47 on Thursday. The company has a market capitalization of $150.23 billion, a price-to-earnings ratio of 86.98, a PEG ratio of 4.65 and a beta of 0.97. The stock’s 50-day simple moving average is $766.17 and its two-hundred day simple moving average is $700.64. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. ServiceNow has a twelve month low of $427.68 and a twelve month high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share. Research analysts forecast that ServiceNow will post 6.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the transaction, the insider now directly owns 1,392 shares in the company, valued at $1,067,831.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,164 shares of company stock valued at $9,940,303. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Managment Co. acquired a new position in ServiceNow during the fourth quarter valued at $29,000. AdvisorNet Financial Inc lifted its position in ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 32 shares during the period. Sachetta LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $35,000. PFG Private Wealth Management LLC acquired a new position in shares of ServiceNow in the third quarter worth about $28,000. Finally, Disciplined Equity Management Inc. acquired a new position in shares of ServiceNow in the fourth quarter worth about $35,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.