Canaccord Genuity Group Boosts ServiceNow (NYSE:NOW) Price Target to $1,200.00

ServiceNow (NYSE:NOW - Free Report) had its price objective boosted by Canaccord Genuity Group from $1,000.00 to $1,200.00 in a research note published on Friday,Benzinga reports. The firm currently has a buy rating on the information technology services provider's stock.

A number of other equities analysts have also commented on the stock. KeyCorp lowered shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a report on Friday, December 13th. Morgan Stanley downgraded ServiceNow from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Royal Bank of Canada lifted their price objective on ServiceNow from $985.00 to $1,045.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. Robert W. Baird upped their target price on ServiceNow from $900.00 to $975.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Evercore ISI raised their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,042.37.

ServiceNow Price Performance

Shares of NYSE NOW traded up $16.38 during midday trading on Friday, reaching $1,091.25. 1,997,399 shares of the company were exchanged, compared to its average volume of 1,286,063. The stock's 50-day moving average price is $1,023.24 and its 200-day moving average price is $885.13. The stock has a market cap of $224.80 billion, a P/E ratio of 169.71, a PEG ratio of 6.43 and a beta of 0.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The business's revenue for the quarter was up 22.2% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Edward Chamberlain sold 300 shares of ServiceNow stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now owns 10,467 shares of the company's stock, valued at $10,968,892.65. This represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,629 shares of company stock valued at $20,861,626 over the last ninety days. Corporate insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Catalyst Financial Partners LLC grew its holdings in shares of ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider's stock worth $1,025,000 after purchasing an additional 11 shares in the last quarter. First Affirmative Financial Network lifted its position in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider's stock worth $801,000 after buying an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider's stock worth $84,000 after acquiring an additional 12 shares in the last quarter. BluePointe Capital Management LLC boosted its stake in shares of ServiceNow by 0.6% in the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider's stock valued at $1,801,000 after purchasing an additional 12 shares in the last quarter. Finally, Morling Financial Advisors LLC grew its holdings in shares of ServiceNow by 2.5% during the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider's stock valued at $415,000 after purchasing an additional 13 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.