ServiceNow (NYSE:NOW) Given New $830.00 Price Target at Morgan Stanley

ServiceNow (NYSE:NOW) had its price target boosted by Morgan Stanley from $814.00 to $830.00 in a research note released on Thursday, Benzinga reports. Morgan Stanley currently has an overweight rating on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a buy rating and issued a $900.00 price objective on shares of ServiceNow in a research report on Thursday. KeyCorp assumed coverage on ServiceNow in a report on Thursday, March 21st. They issued an overweight rating and a $1,000.00 target price on the stock. Jefferies Financial Group boosted their price target on ServiceNow from $885.00 to $900.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Oppenheimer boosted their price target on ServiceNow from $750.00 to $800.00 and gave the stock an outperform rating in a research note on Thursday, January 18th. Finally, Citigroup boosted their price target on ServiceNow from $896.00 to $906.00 and gave the stock a buy rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $782.85.

ServiceNow Stock Performance

ServiceNow stock opened at $723.50 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a fifty day moving average of $760.05 and a two-hundred day moving average of $706.80. The company has a market capitalization of $148.59 billion, a price-to-earnings ratio of 76.60, a PEG ratio of 4.72 and a beta of 0.97. ServiceNow has a fifty-two week low of $427.68 and a fifty-two week high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 14.00% and a net margin of 20.34%. ServiceNow’s revenue was up 25.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 earnings per share. On average, analysts anticipate that ServiceNow will post 6.16 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul John Smith sold 1,180 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the sale, the insider now owns 1,392 shares in the company, valued at approximately $1,067,831.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow 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 sale, the insider now directly owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The sale was disclosed in a document filed with the SEC, which is available through 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 sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,164 shares of company stock worth $9,940,303. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 0.7% in the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after buying an additional 122,577 shares during the period. FMR LLC lifted its stake in shares of ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after buying an additional 595,697 shares during the period. Jennison Associates LLC lifted its stake in shares of ServiceNow by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after buying an additional 53,719 shares during the period. Norges Bank acquired a new position in ServiceNow in the fourth quarter worth about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA raised its position in ServiceNow by 3.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after purchasing an additional 81,028 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.