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

ServiceNow (NYSE:NOW) had its price target lifted by Morgan Stanley from $950.00 to $1,040.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the information technology services provider’s stock.

A number of other brokerages have also recently commented on NOW. Piper Sandler reduced their target price on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Stifel Nicolaus increased their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Tuesday, May 6th. JPMorgan Chase & Co. reduced their target price on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and increased their target price for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,068.23.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,046.03 on Wednesday. The company has a market capitalization of $216.51 billion, a P/E ratio of 142.12, a P/E/G ratio of 4.80 and a beta of 0.94. The business’s 50 day moving average is $1,003.94 and its two-hundred day moving average is $963.64. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. ServiceNow’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.41 earnings per share. Analysts expect that ServiceNow will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the firm’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the completion of the sale, the insider owned 3,027 shares of the company’s stock, valued at $3,087,540. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the firm’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sage Capital Advisors llc acquired a new stake in ServiceNow during the second quarter worth $4,314,000. HBW Advisory Services LLC purchased a new position in shares of ServiceNow during the second quarter worth $2,151,000. Central Pacific Bank Trust Division boosted its position in shares of ServiceNow by 3.8% during the second quarter. Central Pacific Bank Trust Division now owns 4,949 shares of the information technology services provider’s stock worth $5,088,000 after buying an additional 183 shares during the period. Kera Capital Partners Inc. boosted its position in shares of ServiceNow by 158.0% during the second quarter. Kera Capital Partners Inc. now owns 952 shares of the information technology services provider’s stock worth $979,000 after buying an additional 583 shares during the period. Finally, AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of ServiceNow during the first quarter worth $6,066,000. Institutional investors and hedge funds 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.