ServiceNow (NYSE:NOW) Trading 2.2% Higher Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares traded up 2.2% during trading on Friday 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. ServiceNow traded as high as $734.71 and last traded at $731.83. 436,978 shares changed hands during trading, a decline of 64% from the average session volume of 1,203,806 shares. The stock had previously closed at $716.25.

A number of other analysts have also issued reports on the company. Jefferies Financial Group raised their price target on ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Thursday. Stifel Nicolaus restated a “buy” rating and set a $820.00 price objective on shares of ServiceNow in a research note on Wednesday, March 20th. The Goldman Sachs Group lifted their target price on ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, Piper Sandler boosted their price objective on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $792.00.

Insider Activity

In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the transaction, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 in the last 90 days. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently made changes to their positions in the company. Weatherly Asset Management L. P. lifted its stake in ServiceNow by 0.6% during the first quarter. Weatherly Asset Management L. P. now owns 6,409 shares of the information technology services provider’s stock worth $4,886,000 after purchasing an additional 40 shares during the last quarter. Conning Inc. increased its holdings in shares of ServiceNow by 26.8% during the first quarter. Conning Inc. now owns 1,035 shares of the information technology services provider’s stock worth $789,000 after buying an additional 219 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of ServiceNow by 0.9% during the first quarter. Pinnacle Associates Ltd. now owns 2,132 shares of the information technology services provider’s stock worth $1,625,000 after buying an additional 19 shares in the last quarter. Sterling Investment Counsel LLC increased its holdings in shares of ServiceNow by 8.0% during the first quarter. Sterling Investment Counsel LLC now owns 1,462 shares of the information technology services provider’s stock worth $1,115,000 after buying an additional 108 shares in the last quarter. Finally, Highview Capital Management LLC DE increased its holdings in ServiceNow by 4.8% in the first quarter. Highview Capital Management LLC DE now owns 1,664 shares of the information technology services provider’s stock valued at $1,269,000 after purchasing an additional 76 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.0 %

The firm has a market capitalization of $148.60 billion, a price-to-earnings ratio of 77.39, a P/E/G ratio of 4.53 and a beta of 0.97. The stock has a fifty day moving average of $759.21 and a two-hundred day moving average of $708.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period last year, the business posted $0.88 EPS. Sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current 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.