Mizuho Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price target raised by investment analysts at Mizuho from $980.00 to $1,070.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s price target indicates a potential upside of 4.60% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. JMP Securities increased their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. TD Cowen upped their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a report on Monday, October 21st. Evercore ISI lifted their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Jefferies Financial Group boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Stifel Nicolaus increased their price target on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Stock Up 0.1 %

Shares of NOW opened at $1,022.98 on Tuesday. The stock’s 50 day moving average is $941.65 and its two-hundred day moving average is $830.81. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,061.66. The firm has a market cap of $210.73 billion, a P/E ratio of 159.10, a PEG ratio of 5.80 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

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

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This represents a 2.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,373 shares of company stock worth $7,139,335. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quent Capital LLC lifted its holdings in ServiceNow by 4.1% during the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock worth $587,000 after buying an additional 30 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in ServiceNow during the first quarter valued at approximately $210,000. Seven Eight Capital LP grew its position in ServiceNow by 9.4% in the first quarter. Seven Eight Capital LP now owns 1,222 shares of the information technology services provider’s stock worth $932,000 after buying an additional 105 shares during the last quarter. MQS Management LLC acquired a new stake in shares of ServiceNow during the 1st quarter valued at $422,000. Finally, Crewe Advisors LLC acquired a new position in shares of ServiceNow in the 1st quarter worth $160,000. 87.18% of the stock is owned by institutional investors and hedge funds.

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.