Citigroup Raises ServiceNow (NYSE:NOW) Price Target to $1,071.00

ServiceNow (NYSE:NOW) had its price target lifted by research analysts at Citigroup from $1,068.00 to $1,071.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective indicates a potential upside of 12.45% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. KeyCorp upped their price target on ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a research report on Thursday. Needham & Company LLC increased their target price on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday. Truist Financial upped their price target on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday. Guggenheim reiterated a “sell” rating and issued a $640.00 price objective on shares of ServiceNow in a research report on Monday, July 8th. Finally, JPMorgan Chase & Co. boosted their target price on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Stock Performance

ServiceNow stock traded down $4.16 during mid-day trading on Friday, reaching $952.42. 851,537 shares of the company’s stock were exchanged, compared to its average volume of 1,283,445. The business’s fifty day simple moving average is $880.60 and its 200 day simple moving average is $795.09. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow has a one year low of $548.44 and a one year high of $979.78. The firm has a market capitalization of $196.20 billion, a PE ratio of 171.95, a P/E/G ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. On average, sell-side analysts expect that ServiceNow will post 7.41 earnings per share for the current year.

Insider Activity

In other news, Director Paul Edward Chamberlain sold 135 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the completion of the sale, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total transaction of $110,970.00. Following the transaction, the director now directly owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,467 shares of company stock valued at $4,450,447. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NOW. Vanguard Group Inc. grew its position in shares of ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after acquiring an additional 34,855 shares during the period. Swedbank AB lifted its stake in ServiceNow by 10.3% in the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after acquiring an additional 120,983 shares during the period. International Assets Investment Management LLC boosted its holdings in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in ServiceNow by 21.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after purchasing an additional 168,734 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.