Brokerages Set ServiceNow, Inc. (NYSE:NOW) Price Target at $1,055.83

ServiceNow, Inc. (NYSE:NOW) has received a consensus recommendation of “Moderate Buy” from the thirty-three brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, twenty-nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $1,055.83.

Several equities analysts have recently commented on NOW shares. JPMorgan Chase & Co. decreased their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Evercore ISI increased their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Finally, Morgan Stanley increased their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th.

ServiceNow Stock Performance

ServiceNow stock opened at $1,015.60 on Friday. The firm has a 50 day simple moving average of $846.83 and a 200-day simple moving average of $971.03. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $210.23 billion, a price-to-earnings ratio of 148.70, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the company posted $3.41 EPS. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 384 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. The trade was a 5.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 191 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at $4,267,020. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,844 shares of company stock worth $14,204,938 over the last three months. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares in the last quarter. Norges Bank bought a new stake in ServiceNow in the 4th quarter valued at approximately $2,603,360,000. Nuveen LLC bought a new stake in ServiceNow in the 1st quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. 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.