ServiceNow (NYSE:NOW) Price Target Raised to $320.00 at BTIG Research

ServiceNow (NYSE:NOW) had its price objective boosted by research analysts at BTIG Research to $320.00 in a report issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the information technology services provider’s stock. BTIG Research’s price objective would suggest a potential upside of 34.58% from the stock’s previous close.

A number of other research firms also recently issued reports on NOW. SunTrust Banks initiated coverage on shares of ServiceNow in a report on Wednesday, October 2nd. They issued a “buy” rating and a $321.00 price objective on the stock. Stifel Nicolaus raised shares of ServiceNow from a “hold” rating to a “buy” rating and lifted their price target for the company from $290.00 to $320.00 in a report on Wednesday, August 21st. Robert W. Baird lifted their price target on shares of ServiceNow from $275.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. JMP Securities lifted their price target on shares of ServiceNow to $325.00 and gave the company a “market perform” rating in a report on Thursday, July 25th. Finally, Mizuho downgraded shares of ServiceNow from a “buy” rating to a “neutral” rating and lowered their price target for the company from $308.00 to $230.00 in a report on Wednesday. Six analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. ServiceNow currently has an average rating of “Buy” and an average target price of $289.24.

Shares of NOW traded up $17.77 on Thursday, reaching $237.78. The company’s stock had a trading volume of 9,395,726 shares, compared to its average volume of 1,964,951. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $42.81 billion, a P/E ratio of 1,188.90, a PEG ratio of 19.42 and a beta of 1.31. The stock’s 50 day simple moving average is $257.46 and its two-hundred day simple moving average is $266.61. ServiceNow has a 12-month low of $147.63 and a 12-month high of $303.17.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.81. The company had revenue of $885.80 million for the quarter, compared to the consensus estimate of $885.53 million. ServiceNow had a net margin of 0.09% and a return on equity of 4.29%. The firm’s revenue was up 31.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share. Analysts expect that ServiceNow will post 0.42 earnings per share for the current year.

In related news, CFO Michael Scarpelli sold 31,183 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $260.22, for a total value of $8,114,440.26. Following the sale, the chief financial officer now owns 36,200 shares in the company, valued at $9,419,964. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chirantan Jitendra Desai sold 1,560 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $263.05, for a total transaction of $410,358.00. Following the completion of the sale, the insider now owns 3,094 shares in the company, valued at approximately $813,876.70. The disclosure for this sale can be found here. Insiders sold 88,184 shares of company stock worth $23,214,584 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. KBC Group NV boosted its stake in ServiceNow by 275.3% during the second quarter. KBC Group NV now owns 87,151 shares of the information technology services provider’s stock worth $23,929,000 after buying an additional 63,929 shares during the period. Menta Capital LLC purchased a new position in ServiceNow during the second quarter worth $223,000. Institute for Wealth Management LLC. boosted its stake in ServiceNow by 10.6% during the second quarter. Institute for Wealth Management LLC. now owns 3,049 shares of the information technology services provider’s stock worth $837,000 after buying an additional 292 shares during the period. Marshall Wace LLP purchased a new position in ServiceNow during the first quarter worth $724,000. Finally, Arcadia Investment Management Corp MI boosted its stake in ServiceNow by 219.5% during the second quarter. Arcadia Investment Management Corp MI now owns 2,700 shares of the information technology services provider’s stock worth $741,000 after buying an additional 1,855 shares during the period. 90.94% of the stock is owned by institutional investors.

About ServiceNow

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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