TD Cowen Raises ServiceNow (NYSE:NOW) Price Target to $900.00

ServiceNow (NYSE:NOW) had its target price boosted by stock analysts at TD Cowen from $870.00 to $900.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s target price indicates a potential upside of 8.76% from the company’s current price.

Several other analysts have also weighed in on NOW. Needham & Company LLC reissued a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley upped their target price on ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. BMO Capital Markets increased their price objective on ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Royal Bank of Canada increased their target price on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $833.57.

ServiceNow Price Performance

NOW stock traded up $96.66 on Thursday, reaching $827.53. 5,809,725 shares of the company’s stock were exchanged, compared to its average volume of 1,317,199. The stock has a fifty day moving average of $741.36 and a 200-day moving average of $749.47. ServiceNow has a twelve month low of $527.24 and a twelve month high of $850.33. The firm has a market cap of $169.64 billion, a PE ratio of 90.30, a P/E/G ratio of 4.80 and a beta of 0.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, equities analysts predict that ServiceNow will post 6.5 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ServiceNow news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The disclosure for this sale can be found here. Insiders sold a total of 5,530 shares of company stock worth $3,997,012 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NOW. Norges Bank acquired a new position in shares of ServiceNow in the 4th quarter worth approximately $1,648,259,000. Swedbank AB acquired a new position in shares of ServiceNow in the 1st quarter worth approximately $897,908,000. International Assets Investment Management LLC grew its position in shares of ServiceNow by 69,354.6% in 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 acquiring an additional 820,465 shares in the last quarter. Global Assets Advisory LLC acquired a new position in shares of ServiceNow in the 1st quarter worth approximately $403,034,000. Finally, Cerity Partners LLC grew its position in shares of ServiceNow by 1,073.7% in the 4th quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after acquiring an additional 371,648 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.