Oppenheimer Boosts ServiceNow (NYSE:NOW) Price Target to $1,020.00

ServiceNow (NYSE:NOW) had its target price hoisted by Oppenheimer from $825.00 to $1,020.00 in a research note released on Thursday morning, MarketBeat reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

Several other research analysts have also issued reports on NOW. Barclays upped their target price on shares of ServiceNow from $890.00 to $980.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Citigroup upped their price target on shares of ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Needham & Company LLC restated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Monday, September 9th. Evercore ISI upped their price target on shares of ServiceNow from $850.00 to $950.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $835.00 price target on shares of ServiceNow in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $914.15.

ServiceNow Stock Up 0.5 %

Shares of NYSE:NOW opened at $921.75 on Thursday. ServiceNow has a 52-week low of $527.24 and a 52-week high of $949.59. The firm has a fifty day moving average of $874.61 and a 200 day moving average of $791.98. The firm has a market capitalization of $188.96 billion, a PE ratio of 98.58, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99. 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 announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, research analysts anticipate that ServiceNow will post 6.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total transaction of $326,510.88. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,267 shares of company stock valued at $5,935,447 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently made changes to their positions in NOW. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc raised its holdings in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the last quarter. EntryPoint Capital LLC raised its holdings in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the last quarter. Ridgewood Investments LLC purchased a new position in ServiceNow in the 2nd quarter worth approximately $32,000. Finally, TFC Financial Management Inc. raised its holdings in ServiceNow by 466.7% in the 1st quarter. TFC Financial Management Inc. now owns 51 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 42 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.