ServiceNow (NYSE:NOW) Hits New 12-Month High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) hit a new 52-week high on Wednesday after Oppenheimer raised their price target on the stock from $1,020.00 to $1,150.00. Oppenheimer currently has an outperform rating on the stock. ServiceNow traded as high as $1,091.99 and last traded at $1,083.70, with a volume of 91197 shares trading hands. The stock had previously closed at $1,057.32.

A number of other brokerages have also recently weighed in on NOW. Jefferies Financial Group raised their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Monday. TD Cowen boosted their price target on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Mizuho increased their price objective on ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $999.07.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’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 value of $12,242,408.57. Following the completion of 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 20,629 shares of company stock valued at $20,861,626. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares in the last quarter. Truvestments Capital LLC bought a new position in ServiceNow during the 3rd quarter valued at $30,000. Ridgewood Investments LLC acquired a new position in ServiceNow during the 2nd quarter worth $32,000. DT Investment Partners LLC increased its position 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 worth $35,000 after purchasing an additional 17 shares during the last quarter. Finally, American Capital Advisory LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $39,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 3.7 %

The stock has a 50 day moving average of $968.22 and a 200 day moving average of $851.60. The firm has a market capitalization of $225.80 billion, a price-to-earnings ratio of 164.33, a P/E/G ratio of 6.02 and a beta of 0.99. 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 (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share 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 during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the business earned $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

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.