ServiceNow (NYSE:NOW) Hits New 1-Year High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price hit a new 52-week high on Thursday after BMO Capital Markets raised their price target on the stock from $860.00 to $1,025.00. BMO Capital Markets currently has an outperform rating on the stock. ServiceNow traded as high as $948.69 and last traded at $946.14, with a volume of 361489 shares. The stock had previously closed at $938.65.

NOW has been the topic of a number of other reports. Stifel Nicolaus raised their target price on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday. KeyCorp decreased their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Citigroup lifted their price target on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $900.00 price objective on shares of ServiceNow in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $875.81.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock valued at $5,608,936 over the last three months. 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 NOW. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow in the first quarter worth approximately $25,000. Versant Capital Management Inc boosted 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 valued at $27,000 after buying an additional 28 shares during the period. EntryPoint Capital LLC raised its holdings in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow in the fourth quarter valued at about $29,000. Finally, Ridgewood Investments LLC acquired a new position in ServiceNow in the 2nd quarter worth about $32,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

The company has a market capitalization of $193.70 billion, a PE ratio of 101.06, a P/E/G ratio of 5.55 and a beta of 0.99. The stock has a 50 day moving average price of $855.54 and a two-hundred day moving average price of $783.92. 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 posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company’s revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 earnings per share. Equities analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share 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.