Robert W. Baird Raises ServiceNow (NYSE:NOW) Price Target to $975.00

ServiceNow (NYSE:NOW) had its target price lifted by Robert W. Baird from $900.00 to $975.00 in a report released on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the information technology services provider’s stock.

Several other equities analysts have also issued reports on NOW. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft upped their price target on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research report on Monday, September 9th. Mizuho lifted their target price on shares of ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Piper Sandler upped their price objective on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $970.33.

ServiceNow Stock Down 0.6 %

NYSE NOW opened at $950.85 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow has a 52 week low of $548.44 and a 52 week high of $979.78. The business’s fifty day simple moving average is $885.56 and its 200-day simple moving average is $797.46. The firm has a market cap of $195.88 billion, a PE ratio of 171.94, a P/E/G ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. As a group, equities analysts anticipate that ServiceNow will post 7.41 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on 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 sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the business’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 transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,467 shares of company stock worth $4,450,447. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the stock. Financial Advocates Investment Management raised its stake in shares of ServiceNow by 5.5% during the third quarter. Financial Advocates Investment Management now owns 556 shares of the information technology services provider’s stock valued at $497,000 after purchasing an additional 29 shares during the period. Cornerstone Wealth Group LLC increased its stake in ServiceNow by 1.9% during the 3rd quarter. Cornerstone Wealth Group LLC now owns 4,924 shares of the information technology services provider’s stock worth $4,404,000 after buying an additional 90 shares during the period. First Trust Direct Indexing L.P. boosted its position in ServiceNow by 20.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 7,515 shares of the information technology services provider’s stock valued at $6,721,000 after buying an additional 1,274 shares during the last quarter. Evermay Wealth Management LLC grew its stake in shares of ServiceNow by 29.0% during the third quarter. Evermay Wealth Management LLC now owns 791 shares of the information technology services provider’s stock valued at $707,000 after acquiring an additional 178 shares in the last quarter. Finally, Highline Wealth Partners LLC purchased a new stake in shares of ServiceNow during the third quarter worth about $490,000. 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.