ServiceNow (NYSE:NOW) Given New $1,150.00 Price Target at Needham & Company LLC

ServiceNow (NYSE:NOW - Get Free Report) had its price target raised by equities research analysts at Needham & Company LLC from $1,075.00 to $1,150.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the information technology services provider's stock. Needham & Company LLC's price target would suggest a potential upside of 9.24% from the company's current price.

NOW has been the subject of several other research reports. Piper Sandler lifted their price target on ServiceNow from $850.00 to $1,000.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. UBS Group boosted their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Evercore ISI boosted their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. KeyCorp upped their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Finally, StockNews.com raised ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $989.07.

ServiceNow Price Performance

NYSE:NOW traded down $7.85 during trading hours on Monday, reaching $1,052.75. 767,487 shares of the company were exchanged, compared to its average volume of 1,282,678. The stock's 50-day moving average is $948.53 and its 200-day moving average is $836.29. The firm has a market cap of $216.87 billion, a PE ratio of 164.95, a price-to-earnings-growth ratio of 6.09 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,068.88.

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

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,787 shares of company stock worth $17,841,028. Insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently added to or reduced their stakes in NOW. Quent Capital LLC raised its stake in ServiceNow by 4.1% during the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider's stock valued at $587,000 after buying an additional 30 shares in the last quarter. EntryPoint Capital LLC lifted its position in ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider's stock worth $30,000 after acquiring an additional 39 shares during the last quarter. Silvercrest Asset Management Group LLC raised its position in shares of ServiceNow by 31.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 3,859 shares of the information technology services provider's stock valued at $2,942,000 after buying an additional 931 shares during the last quarter. Redwood Investment Management LLC acquired a new position in ServiceNow in the first quarter worth about $254,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of ServiceNow during the first quarter valued at approximately $25,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.