ServiceNow (NYSE:NOW) Trading Up 0.3% Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price was up 0.3% during trading on Thursday after Citigroup raised their price target on the stock from $896.00 to $906.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $738.42 and last traded at $738.34. Approximately 197,665 shares changed hands during trading, a decline of 83% from the average daily volume of 1,163,068 shares. The stock had previously closed at $736.45.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research note on Tuesday. Truist Financial increased their target price on ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Robert W. Baird increased their price target on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. JMP Securities increased their price target on ServiceNow from $665.00 to $825.00 and gave the stock a “market outperform” rating in a research note on Monday, January 22nd. Finally, UBS Group raised their target price on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $780.37.

Insider Buying and Selling

In related news, insider Paul John Smith sold 1,180 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. In the last ninety days, 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

Hedge funds and other institutional investors have recently made changes to their positions in the company. PFG Private Wealth Management LLC bought a new position in shares of ServiceNow in the 3rd quarter valued at approximately $28,000. University of Texas Texas AM Investment Managment Co. bought a new position in shares of ServiceNow in the 4th quarter valued at approximately $29,000. First Capital Advisors Group LLC. bought a new position in shares of ServiceNow in the 2nd quarter valued at approximately $29,000. High Net Worth Advisory Group LLC bought a new position in shares of ServiceNow in the 1st quarter valued at approximately $29,000. Finally, AdvisorNet Financial Inc raised its stake in shares of ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 32 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

The stock has a market cap of $146.69 billion, a price-to-earnings ratio of 84.92, a price-to-earnings-growth ratio of 4.65 and a beta of 0.97. The stock has a fifty day simple moving average of $764.19 and a 200-day simple moving average of $701.74. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company’s revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. As a group, equities research analysts expect that ServiceNow, Inc. will post 6.16 EPS for the current 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.