Scotiabank Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW - Get Free Report) had its target price hoisted by investment analysts at Scotiabank from $1,050.00 to $1,075.00 in a report released on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the information technology services provider's stock. Scotiabank's target price would indicate a potential upside of 15.33% from the company's previous close.

A number of other equities analysts also recently issued reports on NOW. Morgan Stanley decreased their price objective on ServiceNow from $960.00 to $881.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Jefferies Financial Group cut their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Truist Financial cut their price target on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Mizuho reduced their price target on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,032.10.

ServiceNow Trading Up 14.7 %

NOW traded up $119.40 during midday trading on Thursday, reaching $932.10. 2,578,078 shares of the company's stock traded hands, compared to its average volume of 1,494,288. The stock has a market capitalization of $192.95 billion, a price-to-earnings ratio of 136.02, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a fifty day moving average of $840.59 and a two-hundred day moving average of $967.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow declared that its board has authorized a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 354 shares of the business'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 transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. The trade was a 10.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock valued at $19,853,273 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc bought a new position in shares of ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter valued at about $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter valued at about $34,000. Finally, FPC Investment Advisory Inc. grew its stake in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares in the last quarter. 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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