ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

ServiceNow (NYSE:NOW) had its target price raised by investment analysts at Wells Fargo & Company from $1,050.00 to $1,150.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 11.08% from the stock’s current price.

NOW has been the subject of several other reports. Robert W. Baird raised their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Royal Bank of Canada boosted their price target on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Jefferies Financial Group upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Truist Financial increased their price target on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $974.04.

ServiceNow Price Performance

NYSE:NOW opened at $1,035.31 on Tuesday. The stock’s 50 day moving average price is $916.20 and its two-hundred day moving average price is $815.82. ServiceNow has a 12-month low of $632.25 and a 12-month high of $1,038.00. The firm has a market capitalization of $213.27 billion, a price-to-earnings ratio of 161.26, a P/E/G ratio of 5.79 and a beta of 0.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, analysts anticipate that ServiceNow will post 7.07 earnings per share for the current year.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,539 shares of company stock valued at $2,138,333. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after buying an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after buying an additional 34,855 shares during the last quarter. Swedbank AB raised its stake in shares of ServiceNow by 10.3% during the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after buying an additional 120,983 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares during the period. Finally, Ameriprise Financial Inc. raised its position in ServiceNow by 21.5% during the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after acquiring an additional 168,734 shares during the period. 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.