ServiceNow (NYSE:NOW) Price Target Raised to $1,045.00 at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price objective lifted by Royal Bank of Canada from $985.00 to $1,045.00 in a research report report published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the information technology services provider’s stock.

A number of other brokerages also recently commented on NOW. Canaccord Genuity Group raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer increased their price objective on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. JMP Securities boosted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. UBS Group increased their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Truist Financial boosted their price objective on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $950.85 on Thursday. ServiceNow has a one year low of $548.44 and a one year high of $979.78. The stock has a market capitalization of $195.88 billion, a price-to-earnings ratio of 171.94, a PEG ratio of 5.04 and a beta of 0.99. The company has a 50-day simple moving average of $885.56 and a 200-day simple moving average of $797.46. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.21 EPS. On average, analysts predict that ServiceNow will post 7.41 EPS for the current year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,799,853.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,467 shares of company stock valued at $4,450,447 over the last quarter. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in the business. Thrive Wealth Management LLC increased its holdings in ServiceNow by 7.7% in the 1st quarter. Thrive Wealth Management LLC now owns 390 shares of the information technology services provider’s stock valued at $297,000 after purchasing an additional 28 shares in the last quarter. 180 Wealth Advisors LLC boosted its position in shares of ServiceNow by 15.4% in the first quarter. 180 Wealth Advisors LLC now owns 1,226 shares of the information technology services provider’s stock worth $935,000 after buying an additional 164 shares during the period. Register Financial Advisors LLC acquired a new stake in shares of ServiceNow in the first quarter valued at about $138,000. Webster Bank N. A. raised its holdings in shares of ServiceNow by 16.8% during the 1st quarter. Webster Bank N. A. now owns 4,025 shares of the information technology services provider’s stock valued at $3,069,000 after buying an additional 580 shares during the period. Finally, Independence Bank of Kentucky lifted its position in ServiceNow by 27.2% during the 1st quarter. Independence Bank of Kentucky now owns 117 shares of the information technology services provider’s stock worth $89,000 after acquiring an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.