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

ServiceNow (NYSE:NOW - Free Report) had its price objective raised by Oppenheimer from $1,020.00 to $1,150.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the information technology services provider's stock.

A number of other brokerages have also issued reports on NOW. Royal Bank of Canada boosted their target price on ServiceNow from $985.00 to $1,045.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Needham & Company LLC boosted their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Mizuho raised their target price on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the company an "overweight" rating in a report on Tuesday, November 12th. Finally, KeyCorp raised their price objective on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $999.07.

ServiceNow Price Performance

ServiceNow stock traded up $8.19 during midday trading on Tuesday, hitting $1,056.62. The company's stock had a trading volume of 1,282,994 shares, compared to its average volume of 1,280,072. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,072.84. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $217.66 billion, a PE ratio of 164.33, a price-to-earnings-growth ratio of 6.02 and a beta of 0.99. The stock's 50-day moving average price is $968.22 and its 200-day moving average price is $851.60.

ServiceNow (NYSE:NOW - Get Free Report) last released 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. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business's quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.21 earnings per share. Analysts anticipate that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the sale, the director now owns 10,467 shares of the company's stock, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow 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 in the company, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its holdings in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC boosted 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 buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC raised its stake in shares of 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock worth $3,753,828,000 after acquiring an additional 78,378 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. Institutional investors and hedge funds 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.