Brokerages Set ServiceNow, Inc. (NYSE:NOW) Price Target at $1,100.31

Shares of ServiceNow, Inc. (NYSE:NOW) have earned a consensus recommendation of “Moderate Buy” from the thirty-one ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-seven have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $1,093.76.

A number of research analysts recently issued reports on the company. TD Cowen increased their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. UBS Group reduced their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Mizuho lowered their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Finally, Raymond James started coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company.

ServiceNow Stock Performance

Shares of NOW stock opened at $828.73 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company’s 50 day moving average price is $955.81 and its two-hundred day moving average price is $983.64. The company has a market capitalization of $170.72 billion, a P/E ratio of 121.34, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last quarter. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently bought and sold shares of the company. United Bank acquired a new position in ServiceNow during the third quarter valued at approximately $480,000. Meeder Asset Management Inc. raised its holdings in shares of ServiceNow by 24.7% during the 3rd quarter. Meeder Asset Management Inc. now owns 121 shares of the information technology services provider’s stock worth $108,000 after buying an additional 24 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of ServiceNow by 5.5% during the 3rd quarter. Avior Wealth Management LLC now owns 594 shares of the information technology services provider’s stock worth $531,000 after buying an additional 31 shares during the last quarter. Howe & Rusling Inc. boosted its stake in ServiceNow by 10.4% in the third quarter. Howe & Rusling Inc. now owns 467 shares of the information technology services provider’s stock valued at $418,000 after buying an additional 44 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in ServiceNow by 19.0% during the third quarter. Advisors Asset Management Inc. now owns 10,507 shares of the information technology services provider’s stock worth $9,397,000 after acquiring an additional 1,678 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.