Piper Sandler Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW - Free Report) had its price target lifted by Piper Sandler from $1,000.00 to $1,200.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider's stock.

A number of other equities research analysts have also commented on NOW. JMP Securities upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a research report on Thursday, October 17th. Jefferies Financial Group upped their target price on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a research note on Thursday, December 12th. Finally, Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,061.04.

ServiceNow Stock Up 0.3 %

Shares of NOW stock traded up $2.96 during trading hours on Monday, reaching $1,076.73. 850,851 shares of the company's stock were exchanged, compared to its average volume of 926,035. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,157.90. 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 cap of $221.81 billion, a PE ratio of 167.45, a PEG ratio of 6.43 and a beta of 0.99. The stock's fifty day moving average price is $1,053.53 and its two-hundred day moving average price is $913.45.

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

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated 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 of the company's stock, 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 is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,629 shares of company stock worth $20,861,626. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter valued at $30,000. DT Investment Partners LLC boosted its stake in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after buying an additional 17 shares during the period. Semmax Financial Advisors Inc. acquired a new position in shares of ServiceNow during the second quarter worth about $39,000. Oakworth Capital Inc. increased its stake in shares of ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock worth $39,000 after buying an additional 14 shares during the period. Finally, Dunhill Financial LLC raised its holdings in ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider's stock valued at $46,000 after acquiring an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

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.