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

ServiceNow (NYSE:NOW) had its price target upped by Citigroup from $1,071.00 to $1,432.00 in a research note released on Monday,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

NOW has been the subject of several other research reports. JMP Securities raised their target price on ServiceNow from $1,000.00 to $1,300.00 and gave the stock a “market outperform” rating in a research note on Tuesday, January 21st. Barclays raised their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Canaccord Genuity Group raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Sanford C. Bernstein raised their target price on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Stifel Nicolaus raised their target price on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,105.79.

ServiceNow Stock Up 1.4 %

NOW stock opened at $1,140.70 on Monday. 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 has a market capitalization of $234.98 billion, a price-to-earnings ratio of 177.40, a PEG ratio of 5.11 and a beta of 0.99. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,165.98. The stock has a fifty day moving average of $1,077.07 and a 200-day moving average of $945.28.

Insider Activity at ServiceNow

In other ServiceNow 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 transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,731 shares of company stock valued at $21,016,751. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently bought and sold shares of NOW. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $30,000. DT Investment Partners LLC increased its stake in 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 period. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $37,000. Oakworth Capital Inc. increased its stake in shares of ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the period. Finally, Dunhill Financial LLC raised its holdings in shares of ServiceNow by 70.0% during 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 hedge funds and other institutional investors.

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.