Evercore ISI Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its price target hoisted by investment analysts at Evercore ISI from $925.00 to $1,000.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the information technology services provider's stock. Evercore ISI's price target would suggest a potential upside of 6.84% from the stock's previous close.

Several other equities research analysts also recently commented on the company. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Barclays set a $969.00 price objective on ServiceNow in a research report on Thursday. Morgan Stanley cut their target price on ServiceNow from $960.00 to $881.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird boosted their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of ServiceNow in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,027.83.

ServiceNow Trading Up 15.2 %

Shares of NOW stock opened at $936.00 on Thursday. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $840.59 and a two-hundred day moving average price of $967.11. The firm has a market cap of $193.75 billion, a P/E ratio of 136.51, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $2.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.78 by ($1.47). The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock worth $19,853,273 in the last quarter. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow in the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. raised its stake in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after acquiring an additional 1,105 shares during the period. Cardano Risk Management B.V. purchased a new position in shares of ServiceNow in the fourth quarter worth about $105,090,000. Rheos Capital Works Inc. bought a new position in shares of ServiceNow in the fourth quarter worth $10,071,000. Finally, Czech National Bank boosted its position in shares of ServiceNow by 6.7% in the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock valued at $47,486,000 after acquiring an additional 2,829 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

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.

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