ServiceNow (NYSE:NOW) Price Target Raised to $1,068.00 at Citigroup

ServiceNow (NYSE:NOW) had its price target lifted by Citigroup from $915.00 to $1,068.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

NOW has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their target price on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Guggenheim restated a “sell” rating and set a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research report on Monday, September 9th. Royal Bank of Canada raised their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Mizuho upped their price objective on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $914.15.

ServiceNow Trading Down 0.2 %

Shares of NOW opened at $917.12 on Thursday. ServiceNow has a 1-year low of $527.24 and a 1-year high of $949.59. The business’s 50-day moving average price is $872.40 and its 200 day moving average price is $790.68. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $188.01 billion, a P/E ratio of 98.09, a P/E/G ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the business posted $0.77 EPS. The company’s revenue was up 22.2% on a year-over-year basis. Analysts expect that ServiceNow will post 6.78 earnings per share for the current year.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,267 shares of company stock valued at $5,935,447. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after buying an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp grew its position in ServiceNow by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after acquiring an additional 34,855 shares during the last quarter. Swedbank AB raised its position in ServiceNow by 10.3% in the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after purchasing an additional 120,983 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of ServiceNow by 21.5% in the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after buying an additional 168,734 shares during the period. Finally, Clearbridge Investments LLC boosted its position in ServiceNow by 1.8% during the 2nd quarter. Clearbridge Investments LLC now owns 677,942 shares of the information technology services provider’s stock worth $533,316,000 after buying an additional 11,979 shares during the period. 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.