ServiceNow (NYSE:NOW) Price Target Raised to $1,060.00 at Royal Bank of Canada

ServiceNow (NYSE:NOW - Get Free Report) had its target price raised by investment analysts at Royal Bank of Canada from $975.00 to $1,060.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the information technology services provider's stock. Royal Bank of Canada's price target indicates a potential upside of 12.45% from the company's previous close.

Several other analysts have also issued reports on the company. Stifel Nicolaus set a $975.00 price target on ServiceNow and gave the company a "buy" rating in a report on Thursday. UBS Group reiterated a "buy" rating and issued a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a report on Thursday. TD Securities restated a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a report on Thursday. Redburn Atlantic began coverage on ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,037.77.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $129.90 during midday trading on Thursday, hitting $942.60. 4,459,097 shares of the stock traded hands, compared to its average volume of 1,501,243. The firm has a market capitalization of $195.12 billion, a P/E ratio of 138.13, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a 50-day moving average of $840.59 and a two-hundred day moving average of $967.11.

ServiceNow (NYSE:NOW - Get Free Report) last released 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). ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. On average, equities analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

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

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the transaction, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Quarry LP purchased a new stake in ServiceNow in the fourth quarter valued at $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the fourth quarter valued at $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $34,000. Finally, FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 29 shares in the last quarter. 87.18% of the stock is currently 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.

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