ServiceNow (NYSE:NOW) Sets New 12-Month High – Here’s What Happened

Shares of ServiceNow, Inc. (NYSE:NOW) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $993.89 and last traded at $993.64, with a volume of 17758 shares. The stock had previously closed at $971.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NOW shares. Piper Sandler boosted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Jefferies Financial Group lifted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Sanford C. Bernstein increased their target price on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Robert W. Baird boosted their price target on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Trading Up 2.4 %

The company’s fifty day moving average is $902.22 and its two-hundred day moving average is $807.88. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $204.86 billion, a price-to-earnings ratio of 153.35, a PEG ratio of 5.41 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,457,924. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,457,924. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul John Smith sold 187 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total transaction of $148,773.46. Following the completion of the transaction, the insider now directly owns 3,779 shares in the company, valued at $3,006,496.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,530 shares of company stock worth $2,939,955 in the last ninety days. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. M&G Plc purchased a new position in ServiceNow during the first quarter worth $11,030,000. AXA S.A. increased its stake in shares of ServiceNow by 1.1% during the 2nd 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 purchased a new position in shares of ServiceNow during the 2nd quarter worth about $2,679,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of ServiceNow by 375.6% in 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 worth $1,041,000 after acquiring an additional 1,078 shares during the last quarter. Finally, Wealthspire Advisors LLC grew its holdings in ServiceNow by 3.4% in the first quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after purchasing an additional 56 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.