ServiceNow (NYSE:NOW - Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $950.00 to $1,250.00 in a research note released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider's stock.
Several other research firms have also recently commented on NOW. KeyCorp cut shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. Canaccord Genuity Group raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company a "buy" rating in a research note on Friday, December 20th. BMO Capital Markets raised their target price on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an "outperform" rating in a research note on Thursday, October 10th. Barclays raised their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein raised their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price of $1,129.93.
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ServiceNow Stock Up 0.7 %
NYSE NOW traded up $7.42 during trading hours on Wednesday, reaching $1,020.17. 2,866,592 shares of the company traded hands, compared to its average volume of 1,263,238. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $210.16 billion, a PE ratio of 149.37, a PEG ratio of 5.19 and a beta of 0.99. The company has a 50 day moving average of $1,083.66 and a two-hundred day moving average of $955.82.
ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. As a group, equities analysts expect that ServiceNow will post 8.98 earnings per share for the current year.
ServiceNow declared that its board has initiated a share repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Insider Buying and Selling at ServiceNow
In other news, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,731 shares of company stock worth $21,016,751. Company insiders own 0.25% of the company's stock.
Institutional Trading of ServiceNow
Large investors have recently bought and sold shares of the business. Polymer Capital Management HK LTD increased its stake in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock worth $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in ServiceNow during the 4th quarter worth approximately $48,802,000. Avidian Wealth Enterprises LLC increased its stake in ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider's stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC increased its stake in ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider's stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. bought a new stake in ServiceNow during the 4th quarter worth approximately $105,090,000. 87.18% of the stock is owned by institutional investors.
ServiceNow Company Profile
(
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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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