ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

ServiceNow (NYSE:NOW) had its price target upped by research analysts at Jefferies Financial Group from $1,100.00 to $1,250.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 18.30% from the company’s previous close.

Several other equities analysts also recently weighed in on NOW. KeyCorp raised their price target on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. TD Cowen lifted their price objective on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Mizuho upped their target price on shares of ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. BMO Capital Markets lifted their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Finally, Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $999.07.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,056.62 on Monday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $968.22 and its 200 day moving average price is $851.60. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,072.84. The stock has a market cap of $217.66 billion, a price-to-earnings ratio of 164.33, a PEG ratio of 6.02 and a beta of 0.99.

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

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. This represents a 16.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 over the last 90 days. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc boosted its stake in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares during the last quarter. Truvestments Capital LLC bought a new position in ServiceNow during the 3rd quarter valued at $30,000. Ridgewood Investments LLC acquired a new position in ServiceNow during the 2nd quarter worth $32,000. DT Investment Partners LLC increased its position in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Finally, American Capital Advisory LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $39,000. 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.