ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00

ServiceNow (NYSE:NOW) had its target price lifted by equities research analysts at The Goldman Sachs Group from $1,050.00 to $1,200.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 17.16% from the company’s previous close.

A number of other research firms also recently commented on NOW. Evercore ISI increased their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Robert W. Baird raised their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Oppenheimer lifted their target price on ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One research 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,071.39.

ServiceNow Stock Down 2.4 %

Shares of NYSE NOW opened at $1,024.26 on Friday. The business has a 50-day moving average of $1,064.01 and a two-hundred day moving average of $922.94. The company has a market capitalization of $211.00 billion, a price-to-earnings ratio of 159.29, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,157.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 earnings per share. On average, analysts forecast that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s 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 directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 in the last three months. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently bought and sold shares of the company. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the 3rd quarter worth approximately $30,000. DT Investment Partners LLC grew its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new position in ServiceNow during the second quarter worth $39,000. Oakworth Capital Inc. raised its holdings in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC lifted its position in shares of ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares in the last quarter. 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.