Jefferies Financial Group Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price hoisted by equities research analysts at Jefferies Financial Group from $1,100.00 to $1,250.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 19.11% from the stock’s previous close.

A number of other research analysts have also issued reports on NOW. Barclays boosted their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Mizuho raised their price objective on shares of ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Oppenheimer increased their target price on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird raised their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Canaccord Genuity Group upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $994.43.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,049.44 on Monday. The firm has a market capitalization of $216.18 billion, a P/E ratio of 163.21, a P/E/G ratio of 6.02 and a beta of 0.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,072.84. The firm’s 50 day moving average is $963.10 and its two-hundred day moving average is $847.50.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Research analysts forecast that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,329 shares of company stock worth $20,547,241. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently added to or reduced their stakes in NOW. American Trust acquired a new position in shares of ServiceNow during the 3rd quarter valued at about $744,000. Tidal Investments LLC increased its position in ServiceNow by 104.5% during the third quarter. Tidal Investments LLC now owns 48,808 shares of the information technology services provider’s stock worth $43,653,000 after purchasing an additional 24,945 shares during the last quarter. Blankinship & Foster LLC purchased a new position in ServiceNow during the third quarter worth approximately $1,881,000. Wilmington Savings Fund Society FSB acquired a new position in shares of ServiceNow in the 3rd quarter valued at $3,191,000. Finally, Sfmg LLC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at $226,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.