ServiceNow (NYSE:NOW) Trading Up 2.2% After Analyst Upgrade

Shares of ServiceNow, Inc. (NYSE:NOW) rose 2.2% on Friday after Morgan Stanley raised their price target on the stock from $814.00 to $830.00. Morgan Stanley currently has an overweight rating on the stock. ServiceNow traded as high as $734.71 and last traded at $731.83. Approximately 436,978 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,203,806 shares. The stock had previously closed at $716.25.

NOW has been the topic of a number of other research reports. Truist Financial lifted their price objective on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $900.00 price objective on shares of ServiceNow in a report on Thursday. Citigroup increased their price objective on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Piper Sandler boosted their target price on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Finally, Mizuho increased their price target on shares of ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $782.85.

Insider Activity

In other news, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the business’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 transaction, 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. In the last 90 days, insiders have sold 13,164 shares of company stock valued at $9,940,303. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of the business. PFG Private Wealth Management LLC purchased a new position in ServiceNow during the third quarter worth about $28,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow during the fourth quarter worth $29,000. AdvisorNet Financial Inc boosted its holdings in shares of ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 32 shares during the period. Steward Financial Group LLC grew its position in shares of ServiceNow by 125.0% in the third quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 35 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at $35,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

The business has a 50 day moving average of $759.21 and a 200-day moving average of $707.90. 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 company has a market capitalization of $148.48 billion, a P/E ratio of 77.32, a price-to-earnings-growth ratio of 4.72 and a beta of 0.97.

ServiceNow (NYSE:NOW) last announced 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 net margin of 20.34% and a return on equity of 14.00%. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, sell-side analysts predict that ServiceNow, Inc. will post 6.16 EPS 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.