ServiceNow (NYSE:NOW) Price Target Raised to $1,300.00

ServiceNow (NYSE:NOW) had its target price upped by JMP Securities from $1,000.00 to $1,300.00 in a note issued to investors on Tuesday, January 21st,Benzinga reports. The firm currently has a “market outperform” rating on the information technology services provider’s stock. JMP Securities’ target price suggests a potential upside of 27.68% from the stock’s previous close.

NOW has been the subject of several other research reports. Stifel Nicolaus lifted their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Cantor Fitzgerald began coverage on shares of ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. Oppenheimer upped their price objective on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.93.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $1,018.14 on Tuesday. The stock has a market cap of $209.74 billion, a PE ratio of 150.00, a PEG ratio of 5.19 and a beta of 0.99. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 company’s fifty day moving average is $1,084.47 and its 200 day moving average is $952.71.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. Research analysts anticipate that ServiceNow will post 8.98 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. This represents a 2.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the sale, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the company. Strategic Advisors LLC grew its stake in ServiceNow by 9.0% during the fourth quarter. Strategic Advisors LLC now owns 3,757 shares of the information technology services provider’s stock worth $3,983,000 after buying an additional 309 shares in the last quarter. Sierra Ocean LLC bought a new position in ServiceNow in the 4th quarter valued at approximately $55,000. J.W. Cole Advisors Inc. increased its position in ServiceNow by 1.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 2,302 shares of the information technology services provider’s stock valued at $2,440,000 after purchasing an additional 43 shares during the period. Valmark Advisers Inc. lifted its position in shares of ServiceNow by 5.4% in the 4th quarter. Valmark Advisers Inc. now owns 2,457 shares of the information technology services provider’s stock worth $2,605,000 after purchasing an additional 125 shares during the period. Finally, L.M. Kohn & Company increased its position in shares of ServiceNow by 0.7% during the fourth quarter. L.M. Kohn & Company now owns 1,921 shares of the information technology services provider’s stock worth $2,036,000 after buying an additional 13 shares during the period. 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.