ServiceNow (NYSE:NOW) Reaches New 1-Year High on Analyst Upgrade

Shares of ServiceNow, Inc. (NYSE:NOW) hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $1,150.00 to $1,250.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $1,091.99 and last traded at $1,083.70, with a volume of 91197 shares. The stock had previously closed at $1,057.32.

A number of other brokerages have also commented on NOW. Robert W. Baird increased their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. UBS Group boosted their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Canaccord Genuity Group upped their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada lifted their price target on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,002.64.

Insider Buying and Selling at ServiceNow

In other news, insider Kevin Thomas Mcbride sold 100 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $102,397.00. Following the completion of the transaction, the insider now directly owns 3,457 shares of the company’s stock, valued at $3,539,864.29. This trade represents a 2.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction that occurred 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 completion of the sale, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. American Trust acquired a new position in shares of ServiceNow during the 3rd quarter worth about $744,000. Tidal Investments LLC boosted its position in ServiceNow by 104.5% during the third quarter. Tidal Investments LLC now owns 48,808 shares of the information technology services provider’s stock valued at $43,653,000 after purchasing an additional 24,945 shares during the last quarter. Blankinship & Foster LLC bought a new position in ServiceNow in the third quarter valued at approximately $1,881,000. Wilmington Savings Fund Society FSB bought a new position in ServiceNow in the third quarter valued at approximately $3,191,000. Finally, Sfmg LLC bought a new stake in shares of ServiceNow during the 3rd quarter worth approximately $226,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 0.1 %

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 business has a 50 day moving average price of $977.66 and a 200-day moving average price of $855.37. The company has a market cap of $231.49 billion, a P/E ratio of 174.76, a PEG ratio of 6.07 and a beta of 0.99.

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. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.21 earnings per share. Analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

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.