ServiceNow (NYSE:NOW) PT Raised to $1,000.00 at Canaccord Genuity Group

ServiceNow (NYSE:NOW) had its price objective increased by stock analysts at Canaccord Genuity Group from $850.00 to $1,000.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 10.17% from the company’s previous close.

Several other brokerages have also recently commented on NOW. Truist Financial increased their target price on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday. KeyCorp reduced their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. BMO Capital Markets increased their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Jefferies Financial Group increased their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price target on shares of ServiceNow from $935.00 to $1,025.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $943.58.

ServiceNow Stock Performance

Shares of NOW opened at $907.68 on Thursday. ServiceNow has a 12 month low of $527.24 and a 12 month high of $949.59. The firm has a fifty day simple moving average of $880.60 and a 200 day simple moving average of $795.09. The stock has a market capitalization of $186.07 billion, a price-to-earnings ratio of 97.08, a PEG ratio of 5.63 and a beta of 0.99. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 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 business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. The firm’s revenue was up 22.2% on a year-over-year basis. Research analysts forecast 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 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 sale, the insider now directly owns 3,027 shares in the company, valued at $2,799,853.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of the firm’s 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 completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,467 shares of company stock worth $4,450,447 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new stake in shares of ServiceNow in the 1st quarter valued at $25,000. Versant Capital Management Inc increased its stake in shares of ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares in the last quarter. EntryPoint Capital LLC increased its stake in shares of ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares in the last quarter. Ridgewood Investments LLC bought a new stake in shares of ServiceNow in the 2nd quarter valued at $32,000. Finally, DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares in the last quarter. 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.