ServiceNow (NYSE:NOW) Shares Up 1.2% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price was up 1.2% on Wednesday 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 $749.00 and last traded at $744.78. Approximately 1,085,831 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 904,049 shares. The stock had previously closed at $735.81.

NOW has been the topic of a number of other research reports. UBS Group raised their price objective on shares of ServiceNow from $885.00 to $920.00 and gave the stock a “buy” rating in a research note on Monday. Stifel Nicolaus reaffirmed a “buy” rating and set a $820.00 price objective on shares of ServiceNow in a research note on Wednesday, March 20th. The Goldman Sachs Group raised their price objective on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Piper Sandler raised their price objective on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Finally, Mizuho increased their target price on ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $780.37.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on 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 transaction, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock worth $9,940,303 in the last quarter. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. Norges Bank acquired a new stake in shares of ServiceNow during the 4th quarter worth about $1,648,259,000. Moneta Group Investment Advisors LLC increased its position in shares of ServiceNow by 69,897.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock worth $332,386,000 after purchasing an additional 854,846 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of ServiceNow by 69,354.6% during the 4th quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after purchasing an additional 820,465 shares during the last quarter. FMR LLC increased its position in shares of ServiceNow by 17.3% during 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 purchasing an additional 595,697 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of ServiceNow by 129.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 994,367 shares of the information technology services provider’s stock worth $386,082,000 after purchasing an additional 560,908 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

The company has a market capitalization of $150.23 billion, a price-to-earnings ratio of 86.98, a P/E/G ratio of 4.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a 50-day simple moving average of $766.17 and a two-hundred day simple moving average of $700.64.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. ServiceNow’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 EPS. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 EPS for the current fiscal year.

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.