Needham & Company LLC Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective increased by Needham & Company LLC from $1,075.00 to $1,150.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial raised their price target on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Canaccord Genuity Group raised their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Mizuho increased their price target 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. Finally, BMO Capital Markets boosted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Stock Performance

Shares of NOW opened at $1,041.42 on Monday. 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 stock has a 50-day moving average price of $958.40 and a 200-day moving average price of $842.41. The company has a market cap of $214.53 billion, a PE ratio of 161.96, a price-to-earnings-growth ratio of 6.04 and a beta of 0.98. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,072.84.

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

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 76 shares of the business’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 value of $76,831.44. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,329 shares of company stock worth $20,547,241. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently bought and sold shares of the company. Catalyst Financial Partners LLC raised its holdings in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. First Affirmative Financial Network lifted its position in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after acquiring an additional 12 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in ServiceNow by 14.6% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the last quarter. BluePointe Capital Management LLC increased its holdings in shares of ServiceNow by 0.6% in the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after purchasing an additional 12 shares in the last quarter. Finally, Morling Financial Advisors LLC raised its stake in shares of ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after purchasing an additional 13 shares during the last quarter. Institutional investors 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.