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

ServiceNow (NYSE:NOW) had its price target boosted by Royal Bank of Canada from $985.00 to $1,045.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 9.29% from the company’s current price.

NOW has been the topic of a number of other reports. Jefferies Financial Group increased their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. UBS Group increased their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Wells Fargo & Company increased their price target on ServiceNow from $1,025.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Thursday. Oppenheimer increased their price target on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their target price on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday. One 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, the company presently has an average rating of “Moderate Buy” and an average price target of $972.42.

ServiceNow Trading Up 5.3 %

NOW stock traded up $48.53 during trading on Thursday, hitting $956.21. The company had a trading volume of 2,231,050 shares, compared to its average volume of 1,279,862. The business has a 50-day moving average of $880.60 and a 200-day moving average of $795.09. ServiceNow has a one year low of $527.24 and a one year high of $979.78. The stock has a market cap of $196.02 billion, a PE ratio of 102.27, 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 posted its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 EPS. Research analysts predict that ServiceNow will post 6.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was 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 in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul John Smith sold 187 shares of ServiceNow stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares in the company, valued at approximately $3,006,496.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 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 transaction, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,467 shares of company stock worth $4,450,447 in the last quarter. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at about $25,000. Versant Capital Management Inc increased its stake 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 purchasing an additional 28 shares during the period. EntryPoint Capital LLC increased its stake 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 purchasing an additional 39 shares during the period. Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the second quarter valued at approximately $32,000. Finally, DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.