ServiceNow (NYSE:NOW) Sees Strong Trading Volume on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares saw strong trading volume on Thursday after Morgan Stanley raised their price target on the stock from $814.00 to $830.00. Morgan Stanley currently has an overweight rating on the stock. 1,080,854 shares were traded during trading, a decline of 9% from the previous session’s volume of 1,183,331 shares.The stock last traded at $702.41 and had previously closed at $746.29.

NOW has been the subject of a number of other research reports. Royal Bank of Canada increased their price objective on shares of ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Thursday. JMP Securities restated a “market outperform” rating and issued a $825.00 target price on shares of ServiceNow in a report on Tuesday. Citigroup lifted their price target on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $820.00 price target on shares of ServiceNow in a research report on Wednesday, March 20th. Four investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $782.85.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the sale, the insider now directly owns 5,453 shares in the company, valued at $4,064,229.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock worth $9,940,303 in the last three months. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Large investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of ServiceNow during the 4th quarter worth about $1,648,259,000. International Assets Investment Management LLC lifted its stake in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after purchasing an additional 820,465 shares during the last quarter. FMR LLC boosted its holdings in ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares in the last quarter. Global Assets Advisory LLC purchased a new position in ServiceNow in the first quarter valued at approximately $403,034,000. Finally, Jennison Associates LLC raised its holdings in ServiceNow by 23.0% during the third quarter. Jennison Associates LLC now owns 2,467,471 shares of the information technology services provider’s stock worth $1,379,217,000 after purchasing an additional 461,614 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.9 %

The firm’s 50-day moving average price is $759.21 and its two-hundred day moving average price is $707.90. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $148.48 billion, a PE ratio of 77.32, a P/E/G ratio of 4.72 and a beta of 0.97.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a net margin of 20.34% and a return on equity of 14.00%. ServiceNow’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. As a group, equities research analysts expect that ServiceNow, Inc. will post 6.16 EPS for the current fiscal year.

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.