ServiceNow (NYSE:NOW) Sets New 1-Year High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $1,071.00 to $1,432.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $1,161.76 and last traded at $1,156.57, with a volume of 524967 shares. The stock had previously closed at $1,124.98.

A number of other brokerages also recently commented on NOW. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,105.79.

Insider Activity

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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $30,000. DT Investment Partners LLC lifted its stake in ServiceNow by 77.3% in the third 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 last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the 4th quarter valued at about $37,000. Oakworth Capital Inc. increased its stake 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 buying an additional 14 shares during the period. Finally, Dunhill Financial LLC increased 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 during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

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 business has a 50-day simple moving average of $1,079.79 and a 200 day simple moving average of $948.04. The firm has a market cap of $241.23 billion, a P/E ratio of 182.11, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99.

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.