Royal Bank of Canada Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price boosted by research analysts at Royal Bank of Canada from $1,045.00 to $1,210.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 12.69% from the company’s current price.

NOW has been the topic of several other research reports. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Scotiabank started coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective on the stock. Sanford C. Bernstein raised their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Piper Sandler raised their price target on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,053.89.

ServiceNow Stock Performance

NYSE NOW opened at $1,073.77 on Friday. The stock has a market cap of $221.20 billion, a P/E ratio of 166.99, a PEG ratio of 6.43 and a beta of 0.99. 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 has a twelve month low of $637.99 and a twelve month high of $1,157.90. The company’s 50-day simple moving average is $1,053.53 and its 200 day simple moving average is $910.90.

ServiceNow (NYSE:NOW) last issued its 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 business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.21 EPS. As a group, research analysts forecast that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % 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 company insiders.

Institutional Investors Weigh In On ServiceNow

Several large investors have recently modified their holdings of NOW. Altus Wealth Group LLC raised its holdings in ServiceNow by 3.0% during the 2nd quarter. Altus Wealth Group LLC now owns 3,124 shares of the information technology services provider’s stock worth $2,458,000 after buying an additional 91 shares during the period. Victory Capital Management Inc. lifted its position in ServiceNow by 18.0% in the 2nd quarter. Victory Capital Management Inc. now owns 252,054 shares of the information technology services provider’s stock valued at $198,283,000 after acquiring an additional 38,462 shares in the last quarter. Arizona State Retirement System boosted its stake in ServiceNow by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 59,430 shares of the information technology services provider’s stock worth $46,752,000 after purchasing an additional 602 shares during the period. Blue Barn Wealth LLC increased its holdings in ServiceNow by 4.4% during the 2nd quarter. Blue Barn Wealth LLC now owns 621 shares of the information technology services provider’s stock worth $489,000 after purchasing an additional 26 shares in the last quarter. Finally, Arcadia Investment Management Corp MI raised its stake in shares of ServiceNow by 7.6% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 13,447 shares of the information technology services provider’s stock valued at $10,578,000 after purchasing an additional 948 shares during the period. 87.18% of the stock is currently owned by institutional investors.

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.