Truist Financial Raises ServiceNow (NYSE:NOW) Price Target to $900.00

ServiceNow (NYSE:NOW) had its target price boosted by Truist Financial from $780.00 to $900.00 in a report published on Wednesday morning, Benzinga reports. They currently have a hold rating on the information technology services provider’s stock.

Several other research firms have also weighed in on NOW. JMP Securities lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their target price on ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. UBS Group boosted their price target on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Wells Fargo & Company raised their price objective on shares of ServiceNow from $935.00 to $1,025.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Barclays boosted their target price on shares of ServiceNow from $890.00 to $980.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $970.33.

ServiceNow Price Performance

ServiceNow stock opened at $950.85 on Wednesday. The firm has a market cap of $195.88 billion, a P/E ratio of 171.94, a P/E/G ratio of 5.04 and a beta of 0.99. The stock’s 50 day moving average is $883.09 and its 200 day moving average is $796.21. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a one year low of $548.44 and a one year high of $979.78.

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 analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the firm posted $1.21 EPS. The company’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, research analysts expect that ServiceNow will post 7.41 EPS for the current year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the business’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 of the company’s stock, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jacqueline P. Canney sold 804 shares of ServiceNow stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total value of $652,848.00. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,937 shares of the 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 transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This trade 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 valued at $4,450,447 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOW. First Affirmative Financial Network raised its stake in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after acquiring an additional 12 shares during the period. Capital Advisors Ltd. LLC raised its position in shares of ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the period. Morling Financial Advisors LLC boosted its holdings in ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after buying an additional 13 shares during the period. CX Institutional grew its stake in ServiceNow by 1.2% in the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock valued at $974,000 after buying an additional 13 shares in the last quarter. Finally, Optas LLC raised its holdings in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after acquiring an additional 14 shares during the period. 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.