BMO Capital Markets Increases ServiceNow (NYSE:NOW) Price Target to $1,160.00

ServiceNow (NYSE:NOW) had its price target raised by stock analysts at BMO Capital Markets from $1,150.00 to $1,160.00 in a report released on Thursday, MarketBeat reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 19.83% from the company’s current price.

NOW has been the subject of several other reports. FBN Securities upgraded shares of ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. Raymond James Financial lowered their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Wall Street Zen lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Monday, July 21st. Mizuho increased their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, June 12th. Finally, Canaccord Genuity Group dropped their target price on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,114.87.

ServiceNow Stock Down 2.8%

ServiceNow stock opened at $968.05 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $200.37 billion, a P/E ratio of 121.92, a P/E/G ratio of 4.56 and a beta of 0.94. The business has a fifty day moving average of $1,000.33 and a two-hundred day moving average of $953.18. ServiceNow has a twelve month low of $678.66 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the business posted $3.13 EPS. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. On average, analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at approximately $4,431,636. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,003 shares of company stock valued at $6,015,106. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Haverford Trust Co raised its holdings in shares of ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC raised its stake in ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after purchasing an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. lifted its holdings in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC boosted its stake in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after purchasing an additional 11 shares during the last quarter. Finally, one8zero8 LLC grew its holdings in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after buying an additional 11 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.