Brokerages Set ServiceNow, Inc. (NYSE:NOW) Target Price at $1,100.31

Shares of ServiceNow, Inc. (NYSE:NOW) have earned an average rating of “Moderate Buy” from the thirty-one ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-seven have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $1,100.31.

Several research analysts have recently commented on the company. TD Cowen boosted their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. The Goldman Sachs Group boosted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th.

ServiceNow Price Performance

Shares of NOW stock opened at $827.92 on Friday. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a market capitalization of $170.55 billion, a price-to-earnings ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. The stock has a fifty day simple moving average of $971.31 and a two-hundred day simple moving average of $985.39. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the fourth quarter worth $32,000. Noble Wealth Management PBC acquired a new stake in ServiceNow during the fourth quarter worth $34,000. Finally, Truvestments Capital LLC acquired a new stake in ServiceNow during the third quarter worth $30,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.