ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

ServiceNow (NYSE:NOW) had its price target increased by Needham & Company LLC from $1,075.00 to $1,150.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer upped their target price on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. UBS Group upped their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Robert W. Baird lifted their target price on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Canaccord Genuity Group boosted their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. raised their price target on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $989.07.

ServiceNow Stock Performance

ServiceNow stock opened at $1,041.40 on Monday. The stock has a market cap of $214.53 billion, a price-to-earnings ratio of 161.96, a price-to-earnings-growth ratio of 6.04 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $960.84 and a 200-day simple moving average of $843.79. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,072.84.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts expect that ServiceNow will post 7.07 EPS for the current year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 12,271 shares of the company’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 completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,329 shares of company stock worth $20,547,241 over the last 90 days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the business. Creekmur Asset Management LLC purchased a new stake in ServiceNow during the 1st quarter valued at approximately $25,000. Versant Capital Management Inc lifted its holdings 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 purchasing an additional 28 shares during the period. EntryPoint Capital LLC grew its position in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares during the last quarter. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter valued at $30,000. Finally, Ridgewood Investments LLC purchased a new position in ServiceNow during the 2nd quarter worth $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.