ServiceNow (NYSE:NOW) Hits New 12-Month High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares hit a new 52-week high during mid-day trading on Tuesday after TD Cowen raised their price target on the stock from $1,025.00 to $1,300.00. TD Cowen currently has a buy rating on the stock. ServiceNow traded as high as $1,147.00 and last traded at $1,139.73, with a volume of 286142 shares. The stock had previously closed at $1,120.48.

Other analysts have also issued research reports about the company. Truist Financial increased their price objective on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. BMO Capital Markets raised their target price on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Citigroup boosted their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. Needham & Company LLC lifted their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, KeyCorp increased their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,022.37.

Insider Transactions at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the business. Polymer Capital Management HK LTD boosted its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the period. AXA S.A. lifted its stake in shares of ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after buying an additional 4,271 shares during the last quarter. Avidian Wealth Enterprises LLC grew its position in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after purchasing an additional 138 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after acquiring an additional 765 shares during the period. Finally, HWG Holdings LP acquired a new stake in shares of ServiceNow in the second quarter valued at approximately $2,679,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.7 %

The firm has a fifty day moving average price of $987.03 and a 200-day moving average price of $861.55. The company has a market capitalization of $232.47 billion, a price-to-earnings ratio of 175.51, a price-to-earnings-growth ratio of 6.45 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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