ServiceNow (NYSE:NOW) Price Target Raised to $342.00 at Raymond James

ServiceNow (NYSE:NOW) had its price objective raised by Raymond James from $340.00 to $342.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. Raymond James currently has a strong-buy rating on the information technology services provider’s stock.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group raised their price objective on ServiceNow from $242.00 to $285.00 and gave the stock a buy rating in a research report on Thursday, April 25th. BTIG Research raised their price objective on ServiceNow to $295.00 and gave the stock a buy rating in a research report on Thursday, April 25th. Morgan Stanley lowered their price objective on RPC from $12.00 to $9.50 and set an underperform rating for the company in a research report on Thursday, April 25th. JMP Securities lowered their price objective on Tesla from $374.00 to $369.00 and set a market outperform rating for the company in a research report on Thursday, April 25th. Finally, Zacks Investment Research cut German American Bancorp. from a buy rating to a hold rating in a research report on Tuesday, April 30th. Four research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. ServiceNow has an average rating of Buy and an average price target of $287.86.

Shares of NYSE:NOW opened at $289.33 on Thursday. ServiceNow has a 12-month low of $147.63 and a 12-month high of $303.17. The firm has a fifty day moving average of $285.99. The stock has a market cap of $53.68 billion, a P/E ratio of 1,446.65, a PEG ratio of 21.68 and a beta of 1.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.02. The business had revenue of $833.90 million for the quarter, compared to the consensus estimate of $831.50 million. ServiceNow had a return on equity of 4.44% and a net margin of 0.09%. The business’s revenue was up 32.1% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. Sell-side analysts forecast that ServiceNow will post 0.47 EPS for the current fiscal year.

In other ServiceNow news, insider Chirantan Jitendra Desai sold 1,563 shares of ServiceNow stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $302.30, for a total transaction of $472,494.90. Following the completion of the sale, the insider now owns 32,824 shares of the company’s stock, valued at approximately $9,922,695.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,770 shares of ServiceNow stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $268.60, for a total value of $475,422.00. Following the sale, the director now directly owns 10,784 shares of the company’s stock, valued at approximately $2,896,582.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,322 shares of company stock valued at $32,554,009. 1.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Financial Gravity Wealth Inc. acquired a new position in shares of ServiceNow in the 1st quarter valued at about $25,000. Sandy Spring Bank lifted its holdings in shares of ServiceNow by 118.0% in the 1st quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 59 shares during the period. Spectrum Management Group Inc. acquired a new position in shares of ServiceNow in the 1st quarter valued at about $37,000. Knuff & Co LLC acquired a new position in shares of ServiceNow in the 1st quarter valued at about $37,000. Finally, West Oak Capital LLC lifted its holdings in shares of ServiceNow by 120.0% in the 1st quarter. West Oak Capital LLC now owns 165 shares of the information technology services provider’s stock valued at $41,000 after buying an additional 90 shares during the period. 93.11% of the stock is owned by institutional investors.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Analyst Recommendations for ServiceNow (NYSE:NOW)

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