ServiceNow (NYSE:NOW) Sets New 12-Month High After Analyst Upgrade

Shares of ServiceNow, Inc. (NYSE:NOW) reached a new 52-week high on Wednesday after Wells Fargo & Company raised their price target on the stock from $1,150.00 to $1,250.00. Wells Fargo & Company currently has an overweight rating on the stock. ServiceNow traded as high as $1,091.99 and last traded at $1,083.70, with a volume of 91197 shares. The stock had previously closed at $1,057.32.

NOW has been the topic of several other reports. Stifel Nicolaus upped their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Evercore ISI upped their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada boosted their price objective on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Sanford C. Bernstein boosted their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Mizuho boosted their target price on shares of ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,002.64.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 81 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction dated 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 directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock valued at $20,861,626 over the last 90 days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently added to or reduced their stakes in NOW. Truvestments Capital LLC acquired a new position in shares of ServiceNow during the 3rd quarter valued at $30,000. Ridgewood Investments LLC acquired a new position in shares of ServiceNow during the second quarter valued at about $32,000. DT Investment Partners LLC boosted its position 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 purchasing an additional 17 shares in the last quarter. American Capital Advisory LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $39,000. Finally, Semmax Financial Advisors Inc. bought a new position in shares of ServiceNow in the 2nd quarter worth $39,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

The firm has a market cap of $231.49 billion, a P/E ratio of 174.76, a PEG ratio of 6.07 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average is $977.66 and its two-hundred day moving average is $855.37.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the business earned $1.21 EPS. The business’s revenue was up 22.2% on a year-over-year basis. As a group, equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.