ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00

ServiceNow (NYSE:NOW - Get Free Report) had its price target boosted by equities researchers at Robert W. Baird from $1,010.00 to $1,150.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the information technology services provider's stock. Robert W. Baird's price objective indicates a potential upside of 40.95% from the company's current price.

A number of other equities analysts have also issued reports on NOW. The Goldman Sachs Group dropped their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. reduced their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday. Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Guggenheim restated a "sell" rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada set a $986.00 price objective on ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,026.17.

ServiceNow Stock Performance

Shares of NOW opened at $815.92 on Thursday. The stock has a market capitalization of $168.90 billion, a PE ratio of 119.46, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a 50-day simple moving average of $840.59 and a 200-day simple moving average of $967.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $2.31 earnings per share (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 business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. On average, analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,250 shares of company stock valued at $19,853,273. Insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently bought and sold shares of NOW. Quarry LP acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new position in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter valued at $32,000. FPC Investment Advisory Inc. grew its position 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 valued at $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow in the 4th quarter worth about $34,000. Institutional investors and hedge funds 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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