Truist Financial Boosts ServiceNow (NYSE:NOW) Price Target to $900.00

ServiceNow (NYSE:NOW) had its target price boosted by Truist Financial from $780.00 to $900.00 in a report issued on Wednesday, Benzinga reports. They currently have a hold rating on the information technology services provider’s stock.

A number of other research analysts also recently commented on NOW. Stifel Nicolaus increased their price target on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Monday, September 9th. JMP Securities upped their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Mizuho increased their price objective on shares of ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, BMO Capital Markets boosted their target price on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $970.33.

ServiceNow Trading Down 0.6 %

NOW opened at $950.85 on Wednesday. The firm’s 50 day moving average is $885.56 and its 200-day moving average is $797.46. ServiceNow has a 52-week low of $548.44 and a 52-week high of $979.78. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $195.88 billion, a P/E ratio of 171.94, a P/E/G ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the firm posted $1.21 EPS. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that ServiceNow will post 7.41 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 804 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,457,924. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of ServiceNow 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,457,924. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,467 shares of company stock worth $4,450,447. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after buying an additional 331,797 shares during the period. Bank of New York Mellon Corp lifted its holdings in ServiceNow by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after acquiring an additional 34,855 shares during the last quarter. Swedbank AB boosted its position in shares of ServiceNow by 10.3% during the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after purchasing an additional 120,983 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in ServiceNow by 21.5% in the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after buying an additional 168,734 shares during 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.