ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Piper Sandler Analyst Says

ServiceNow (NYSE:NOW) had its price objective increased by equities researchers at Piper Sandler from $1,000.00 to $1,200.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 11.01% from the company’s current price.

NOW has been the topic of several other reports. TD Cowen lifted their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Scotiabank assumed coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Oppenheimer lifted their target price on ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Finally, Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,061.04.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $7.25 during trading hours on Monday, reaching $1,081.02. The company’s stock had a trading volume of 292,006 shares, compared to its average volume of 734,128. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company’s 50 day simple moving average is $1,053.53 and its 200 day simple moving average is $913.45. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The stock has a market cap of $222.69 billion, a P/E ratio of 168.12, a price-to-earnings-growth ratio of 6.43 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $1.21 earnings per share. As a group, analysts expect that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on 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 owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the transaction, the director now directly owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently bought and sold shares of the business. Polymer Capital Management HK LTD boosted its holdings in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the period. AXA S.A. grew its position in shares of ServiceNow by 1.1% in the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after purchasing an additional 4,271 shares during the last quarter. Avidian Wealth Enterprises LLC increased its stake in shares of ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the period. Venturi Wealth Management LLC raised its stake in ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, HWG Holdings LP acquired a new stake in ServiceNow during the 2nd quarter worth approximately $2,679,000. Institutional investors 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.