ServiceNow (NYSE:NOW) Price Target Raised to $1,100.00

ServiceNow (NYSE:NOW) had its target price hoisted by Royal Bank of Canada from $1,060.00 to $1,100.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other equities research analysts have also weighed in on the company. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Wells Fargo & Company upped their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and increased their price target for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $1,050.00 target price on shares of ServiceNow in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,048.55.

ServiceNow Trading Down 0.8 %

Shares of NOW stock opened at $975.86 on Tuesday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a market cap of $202.00 billion, a P/E ratio of 142.88, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $843.35 and a 200-day simple moving average of $969.61.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period last year, the company earned $3.41 EPS. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. On average, analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Deborah Black sold 598 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the transaction, the director now directly owns 428 shares in the company, valued at $402,418.44. This represents a 58.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan Chadwick sold 770 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director now owns 3,205 shares in the company, valued at $2,985,842.10. This represents a 19.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,410 shares of company stock worth $15,821,524 over the last three months. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bogart Wealth LLC raised its position in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the 1st quarter valued at $26,000. Quarry LP acquired a new stake in ServiceNow during the fourth quarter worth about $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow during the 4th quarter valued at approximately $28,000. Finally, WASHINGTON TRUST Co increased its position in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors 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.