ServiceNow (NYSE:NOW) Shares Up 0.1% Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 0.1% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $875.00 to $900.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $743.03 and last traded at $736.74. Approximately 330,609 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,171,895 shares. The stock had previously closed at $735.81.

A number of other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group boosted their target price on shares of ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. UBS Group upped their price target on shares of ServiceNow from $885.00 to $920.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler upped their price target on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. BMO Capital Markets upped their price target on shares of ServiceNow from $630.00 to $850.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, KeyCorp assumed coverage on shares of ServiceNow in a report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 price target on the stock. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $780.00.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares in the company, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the SEC, which is available through this link. In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares in the company, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,164 shares of company stock valued at $9,940,303. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of ServiceNow by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 18,118,773 shares of the information technology services provider’s stock worth $12,800,732,000 after purchasing an additional 364,992 shares in the last quarter. State Street Corp increased its stake in ServiceNow by 1.8% in the 1st quarter. State Street Corp now owns 8,082,154 shares of the information technology services provider’s stock worth $3,755,904,000 after buying an additional 141,744 shares in the last quarter. Morgan Stanley increased its stake in ServiceNow by 4.3% in the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock worth $2,745,763,000 after buying an additional 288,522 shares in the last quarter. FMR LLC increased its stake in ServiceNow by 17.3% in the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after buying an additional 595,697 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in ServiceNow by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 3,589,941 shares of the information technology services provider’s stock worth $1,663,879,000 after buying an additional 79,037 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The firm has a market cap of $152.93 billion, a PE ratio of 88.54, a price-to-earnings-growth ratio of 4.86 and a beta of 0.97. The stock has a 50 day simple moving average of $768.63 and a 200-day simple moving average of $700.17.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the prior year, the business posted $0.88 EPS. ServiceNow’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

ServiceNow Company Profile

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.