Mizuho Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price lifted by equities research analysts at Mizuho from $980.00 to $1,070.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s target price would suggest a potential upside of 7.01% from the stock’s current price.

Several other brokerages also recently weighed in on NOW. Piper Sandler boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. UBS Group boosted their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Jefferies Financial Group increased their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Scotiabank started coverage on shares of ServiceNow in a research report on Tuesday. They set a “sector outperform” rating and a $1,230.00 target price on the stock. Finally, Truist Financial upped 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 analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $986.39.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $999.90 on Tuesday. The company has a market capitalization of $205.98 billion, a PE ratio of 156.35, a P/E/G ratio of 5.80 and a beta of 0.98. The company has a 50-day simple moving average of $935.45 and a two-hundred day simple moving average of $827.30. ServiceNow has a one year low of $637.99 and a one year high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This represents a 2.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,231 shares of company stock valued at $4,947,292 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Creekmur Asset Management LLC acquired a new position in ServiceNow in the 1st quarter valued at $25,000. Truvestments Capital LLC purchased a new stake in ServiceNow in the third quarter valued at $30,000. Versant Capital Management Inc raised its stake in shares of ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the period. DT Investment Partners LLC boosted its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the period. Finally, EntryPoint Capital LLC boosted its stake in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds 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.