Mizuho Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective raised by Mizuho from $980.00 to $1,070.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s price target points to a potential upside of 7.01% from the company’s current price.

A number of other research analysts also recently issued reports on NOW. Sanford C. Bernstein raised their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Robert W. Baird upped their price target on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Stifel Nicolaus upped their target price on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $986.39.

ServiceNow Trading Down 0.5 %

Shares of NYSE:NOW opened at $999.90 on Tuesday. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,061.66. The company’s 50 day moving average is $935.45 and its two-hundred day moving average is $827.30. The company has a market cap of $205.98 billion, a PE ratio of 156.35, a P/E/G ratio of 5.80 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

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

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 10.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,231 shares of company stock valued at $4,947,292 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Soltis Investment Advisors LLC raised its holdings in shares of ServiceNow by 3.5% in the third quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider’s stock worth $508,000 after acquiring an additional 19 shares during the last quarter. Coldstream Capital Management Inc. increased its position in ServiceNow by 65.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider’s stock worth $5,647,000 after purchasing an additional 2,342 shares in the last quarter. RB Capital Management LLC raised its stake in ServiceNow by 1.8% in the 3rd quarter. RB Capital Management LLC now owns 1,223 shares of the information technology services provider’s stock valued at $1,094,000 after purchasing an additional 22 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ServiceNow by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after purchasing an additional 78,378 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its stake in shares of ServiceNow by 1.6% during the 3rd quarter. Resources Management Corp CT ADV now owns 1,286 shares of the information technology services provider’s stock worth $1,150,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other 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.