ServiceNow (NYSE:NOW) Price Target Raised to $1,200.00

ServiceNow (NYSE:NOW) had its target price raised by Oppenheimer from $1,150.00 to $1,200.00 in a research report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the information technology services provider’s stock.

A number of other brokerages also recently weighed in on NOW. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Scotiabank began coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. Evercore ISI lifted their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Up 0.7 %

Shares of NYSE:NOW opened at $1,020.17 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market cap of $210.16 billion, a price-to-earnings ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. The company has a 50 day moving average of $1,083.66 and a 200-day moving average of $954.46. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. On average, sell-side analysts forecast that ServiceNow will post 8.98 earnings per share for the current year.

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

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

A number of institutional investors have recently modified their holdings of the stock. World Investment Advisors LLC increased its holdings in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the period. International Assets Investment Management LLC increased its stake in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares during the last quarter. Bank of Montreal Can increased its stake in ServiceNow by 216.6% in the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. Wellington Management Group LLP raised its position in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares in the last quarter. Finally, FMR LLC lifted its stake in ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.