ServiceNow (NYSE:NOW) Price Target Increased to $1,000.00 by Analysts at Canaccord Genuity Group

ServiceNow (NYSE:NOW) had its price target raised by Canaccord Genuity Group from $850.00 to $1,000.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

NOW has been the topic of several other reports. UBS Group raised their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Guggenheim reaffirmed a “sell” rating and set a $640.00 price target on shares of ServiceNow in a research report on Monday, July 8th. Piper Sandler upped their target price on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $900.00 to $960.00 in a research note on Monday. Finally, Stifel Nicolaus boosted their target price on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $970.22.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $5.15 during trading on Thursday, hitting $961.73. 62,697 shares of the company were exchanged, compared to its average volume of 1,279,634. The firm has a 50 day moving average price of $880.60 and a 200 day moving average price of $795.09. The stock has a market capitalization of $198.12 billion, a price-to-earnings ratio of 172.95, a P/E/G ratio of 5.04 and a beta of 0.99. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow has a fifty-two week low of $548.44 and a fifty-two week high of $979.78.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 earnings per share. On average, equities analysts expect that ServiceNow will post 7.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $2,457,924. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,467 shares of company stock valued at $4,450,447. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds have recently modified their holdings of the stock. Boston Financial Mangement LLC raised its holdings in shares of ServiceNow by 3.5% during the third quarter. Boston Financial Mangement LLC now owns 4,773 shares of the information technology services provider’s stock valued at $4,269,000 after purchasing an additional 162 shares during the period. abrdn plc grew its stake in ServiceNow by 110.2% in the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after acquiring an additional 231,900 shares during the period. Worth Financial Advisory Group LLC lifted its holdings in shares of ServiceNow by 9.9% in the 3rd quarter. Worth Financial Advisory Group LLC now owns 601 shares of the information technology services provider’s stock worth $538,000 after purchasing an additional 54 shares in the last quarter. Pallas Capital Advisors LLC grew its holdings in shares of ServiceNow by 8.0% in the third quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock valued at $2,305,000 after acquiring an additional 179 shares in the last quarter. Finally, Orrstown Financial Services Inc. lifted its holdings in ServiceNow by 18.0% during the third quarter. Orrstown Financial Services Inc. now owns 726 shares of the information technology services provider’s stock worth $649,000 after acquiring an additional 111 shares during the period. 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.