JMP Securities Raises ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its target price raised by research analysts at JMP Securities from $850.00 to $1,000.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “market outperform” rating on the information technology services provider’s stock. JMP Securities’ price target suggests a potential upside of 8.83% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Piper Sandler lifted their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reissued a “buy” rating and set a $835.00 target price on shares of ServiceNow in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, KeyCorp lowered their price target on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $899.65.

ServiceNow Stock Performance

Shares of NOW opened at $918.87 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a 50-day moving average of $869.98 and a 200-day moving average of $789.79. The company has a market cap of $188.37 billion, a PE ratio of 98.27, a P/E/G ratio of 5.63 and a beta of 0.99. ServiceNow has a one year low of $527.24 and a one year high of $949.59.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period last year, the business posted $0.77 EPS. On average, equities research analysts predict that ServiceNow will post 6.78 EPS for the current fiscal year.

Insider Activity

In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,914 shares of company stock worth $5,608,936 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Hedge funds have recently added to or reduced their stakes in the business. M&G Plc bought a new stake in ServiceNow in the first quarter worth $11,030,000. AXA S.A. raised its stake in shares of ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock valued at $304,712,000 after acquiring an additional 4,271 shares during the last quarter. HWG Holdings LP bought a new position in shares of ServiceNow during the second quarter valued at about $2,679,000. New Mexico Educational Retirement Board raised its stake in shares of ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of ServiceNow by 375.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after acquiring an additional 1,078 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

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.