ServiceNow (NYSE:NOW) Hits New 52-Week High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares reached a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $820.00 to $950.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ServiceNow traded as high as $958.84 and last traded at $955.81, with a volume of 232095 shares trading hands. The stock had previously closed at $907.68.

Other research analysts have also recently issued research reports about the company. Piper Sandler upped their target price on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $900.00 to $960.00 in a research note on Monday. JMP Securities increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Needham & Company LLC increased their price objective on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Canaccord Genuity Group increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $949.35.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the sale, the director now owns 10,767 shares in the company, valued at $8,850,474. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $8,850,474. This represents a 0.00 % decrease in their position. 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. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently bought and sold shares of the stock. Creekmur Asset Management LLC acquired a new position in shares of ServiceNow during the 1st quarter worth approximately $25,000. Versant Capital Management Inc raised its stake in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares during the period. EntryPoint Capital LLC raised its stake in shares of ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after buying an additional 39 shares during the period. Ridgewood Investments LLC acquired a new position in shares of ServiceNow during the 2nd quarter worth approximately $32,000. Finally, DT Investment Partners LLC raised its stake in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 5.9 %

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $197.01 billion, a price-to-earnings ratio of 97.08, a P/E/G ratio of 5.63 and a beta of 0.99. The company has a 50 day moving average price of $880.60 and a two-hundred day moving average price of $795.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the company earned $0.77 EPS. The firm’s revenue was up 22.2% compared to the same quarter last year. On average, research analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current 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.