Mizuho Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective boosted by Mizuho from $980.00 to $1,070.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other research analysts also recently issued reports on the company. Jefferies Financial Group lifted their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft increased their price target on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Finally, StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $986.39.

ServiceNow Stock Performance

NOW stock opened at $1,022.19 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,061.66. The business has a 50-day moving average price of $938.70 and a 200 day moving average price of $829.46. The company has a market capitalization of $210.57 billion, a P/E ratio of 158.97, a PEG ratio of 5.80 and a beta of 0.98.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 353 shares of the firm’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 sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This trade represents a 10.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the transaction, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,373 shares of company stock valued at $7,139,335. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Soltis Investment Advisors LLC raised its position in ServiceNow by 3.5% during the third quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider’s stock worth $508,000 after acquiring an additional 19 shares during the period. Coldstream Capital Management Inc. increased its stake in shares of ServiceNow by 65.5% during the third quarter. Coldstream Capital Management Inc. now owns 5,915 shares of the information technology services provider’s stock worth $5,647,000 after purchasing an additional 2,342 shares in the last quarter. RB Capital Management LLC raised its position in shares of ServiceNow by 1.8% during the 3rd quarter. RB Capital Management LLC now owns 1,223 shares of the information technology services provider’s stock worth $1,094,000 after purchasing an additional 22 shares during the last quarter. Geode Capital Management LLC lifted its stake in ServiceNow by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its holdings in ServiceNow by 1.6% in the 3rd quarter. Resources Management Corp CT ADV now owns 1,286 shares of the information technology services provider’s stock worth $1,150,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.