ServiceNow (NYSE:NOW) Given New $900.00 Price Target at Truist Financial

ServiceNow (NYSE:NOW) had its target price hoisted by research analysts at Truist Financial from $780.00 to $900.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the information technology services provider’s stock. Truist Financial’s price target would suggest a potential downside of 1.18% from the stock’s current price.

NOW has been the topic of several other reports. TD Cowen increased their target price on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $900.00 to $960.00 in a research note on Monday. Finally, Piper Sandler raised their price objective on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $927.62.

ServiceNow Stock Performance

ServiceNow stock traded down $7.24 during midday trading on Wednesday, hitting $910.71. The company’s stock had a trading volume of 180,637 shares, compared to its average volume of 1,267,080. The company has a 50-day moving average price of $878.83 and a two-hundred day moving average price of $794.29. ServiceNow has a 1-year low of $527.24 and a 1-year high of $949.59. The company has a market cap of $186.70 billion, a price-to-earnings ratio of 97.73, a PEG ratio of 5.63 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the company posted $0.77 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow will post 6.78 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction 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 owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,267 shares of company stock worth $5,935,447 in the last 90 days. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after purchasing an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after purchasing an additional 34,855 shares in the last quarter. Swedbank AB grew its position in shares of ServiceNow by 10.3% during the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after purchasing an additional 120,983 shares in the last quarter. International Assets Investment Management LLC boosted its stake in ServiceNow by 89,137.0% during 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 buying an additional 1,183,739 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of ServiceNow by 21.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after buying an additional 168,734 shares during the last quarter. 87.18% of the stock is 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.