ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Truist Financial Analyst Says

ServiceNow (NYSE:NOW) had its price objective upped by Truist Financial from $900.00 to $1,100.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the information technology services provider’s stock.

Several other research analysts have also recently commented on the stock. Oppenheimer raised their target price on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Citigroup raised their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird increased 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. UBS Group boosted 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. Finally, Piper Sandler increased their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,034.96.

ServiceNow Price Performance

NYSE NOW opened at $1,132.00 on Thursday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,157.90. The business’s fifty day moving average is $1,002.75 and its two-hundred day moving average is $868.23. The stock has a market capitalization of $233.19 billion, a P/E ratio of 178.64, a P/E/G ratio of 6.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the previous year, the firm earned $1.21 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, research analysts forecast that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the company. Pure Financial Advisors LLC lifted its holdings in shares of ServiceNow by 72.0% during the 2nd quarter. Pure Financial Advisors LLC now owns 910 shares of the information technology services provider’s stock valued at $716,000 after purchasing an additional 381 shares in the last quarter. Blue Trust Inc. lifted its stake in ServiceNow by 143.4% in the second quarter. Blue Trust Inc. now owns 2,054 shares of the information technology services provider’s stock valued at $1,566,000 after buying an additional 1,210 shares in the last quarter. Brookstone Capital Management boosted its holdings in shares of ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares during the period. Insight Wealth Partners LLC bought a new position in ServiceNow during the 2nd quarter worth about $215,000. Finally, Gradient Investments LLC raised its position in ServiceNow by 15.8% in the 2nd quarter. Gradient Investments LLC now owns 25,859 shares of the information technology services provider’s stock valued at $20,342,000 after buying an additional 3,536 shares during the last quarter. Institutional investors and hedge funds 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.