ServiceNow (NYSE:NOW) Given New $1,210.00 Price Target at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price objective lifted by Royal Bank of Canada from $1,045.00 to $1,210.00 in a research report sent to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the information technology services provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. Citigroup lifted their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price objective on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,053.89.

ServiceNow Stock Up 1.8 %

Shares of NYSE:NOW opened at $1,073.77 on Friday. The business’s 50 day moving average is $1,053.53 and its 200 day moving average is $912.17. The stock has a market cap of $221.20 billion, a P/E ratio of 166.99, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly 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. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. Sell-side analysts predict that ServiceNow will post 7.07 EPS for the current year.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock valued at $20,861,626 in the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds have recently added to or reduced their stakes in the company. Catalyst Financial Partners LLC raised its position in shares of 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 acquiring an additional 11 shares during the period. First Affirmative Financial Network raised its holdings 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 worth $801,000 after purchasing an additional 12 shares during the period. Capital Advisors Ltd. LLC boosted its position in ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after purchasing an additional 12 shares in the last quarter. BluePointe Capital Management LLC grew its holdings in ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after purchasing an additional 12 shares during the period. Finally, Morling Financial Advisors LLC grew its holdings in ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 13 shares during the period. 87.18% of the stock is owned by hedge funds and other 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.