ServiceNow (NYSE:NOW) Price Target Increased to $1,020.00 by Analysts at Oppenheimer

ServiceNow (NYSE:NOW) had its price target upped by Oppenheimer from $825.00 to $1,020.00 in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other brokerages also recently commented on NOW. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. TD Cowen raised their target price on shares of ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird upped their price target on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Stifel Nicolaus increased their price objective on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $835.00 target price on shares of ServiceNow in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $914.15.

ServiceNow Trading Up 0.5 %

NYSE:NOW opened at $921.75 on Thursday. The firm has a 50-day simple moving average of $874.61 and a 200-day simple moving average of $792.22. ServiceNow has a one year low of $527.24 and a one year high of $949.59. The firm has a market cap of $188.96 billion, a P/E ratio of 98.58, a P/E/G ratio of 5.63 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction of $652,848.00. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now owns 11,490 shares in the company, valued at approximately $9,479,250. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,267 shares of company stock valued at $5,935,447 in the last quarter. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after acquiring an additional 331,797 shares during the period. Bank of New York Mellon Corp grew its position in shares of ServiceNow by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after acquiring an additional 34,855 shares during the period. Swedbank AB grew its position in shares of ServiceNow by 10.3% during the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after acquiring an additional 120,983 shares during the period. Ameriprise Financial Inc. grew its position in shares of 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 acquiring an additional 168,734 shares during the period. Finally, Clearbridge Investments LLC grew its position in shares of ServiceNow by 1.8% during the 2nd quarter. Clearbridge Investments LLC now owns 677,942 shares of the information technology services provider’s stock valued at $533,316,000 after acquiring an additional 11,979 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.