ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00 at Canaccord Genuity Group

ServiceNow (NYSE:NOW) had its price objective lifted by Canaccord Genuity Group from $1,000.00 to $1,200.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

A number of other research firms have also issued reports on NOW. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Needham & Company LLC boosted their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. BMO Capital Markets raised their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Evercore ISI raised their price target on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,042.37.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,091.25 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average of $1,023.24 and a two-hundred day moving average of $885.13. The company has a market cap of $224.80 billion, a P/E ratio of 169.71, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.21 EPS. As a group, analysts anticipate that ServiceNow will post 7.07 EPS for the current year.

Insider Buying and Selling

In other news, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,173,173.83. This represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,629 shares of company stock valued at $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Truvestments Capital LLC acquired a new position in ServiceNow during the third quarter valued at approximately $30,000. DT Investment Partners LLC grew its stake in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Ridgewood Investments LLC bought a new position in ServiceNow in the 2nd quarter worth $32,000. Oakworth Capital Inc. lifted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Semmax Financial Advisors Inc. bought a new stake in ServiceNow during the second quarter valued at about $39,000. 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.