Citigroup Raises ServiceNow (NYSE:NOW) Price Target to $1,071.00

ServiceNow (NYSE:NOW) had its price target lifted by Citigroup from $1,068.00 to $1,071.00 in a report issued on Friday, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

Several other equities analysts also recently commented on the company. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Wells Fargo & Company upped their price target on ServiceNow from $1,025.00 to $1,050.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group lifted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Robert W. Baird upped their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $970.33.

ServiceNow Stock Down 0.6 %

NOW stock opened at $950.85 on Friday. The stock has a market cap of $194.92 billion, a P/E ratio of 101.70, a P/E/G ratio of 5.04 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. The stock’s fifty day simple moving average is $885.56 and its two-hundred day simple moving average is $797.66. ServiceNow has a 1-year low of $548.44 and a 1-year high of $979.78.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now directly owns 4,019 shares in the company, valued at approximately $3,319,372.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the transaction, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,467 shares of company stock worth $4,450,447. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after acquiring an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after purchasing an additional 34,855 shares in the last quarter. Swedbank AB grew its stake in ServiceNow by 10.3% in the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after purchasing an additional 120,983 shares during the period. International Assets Investment Management LLC raised its holdings in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in ServiceNow by 21.5% during the second quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after buying an additional 168,734 shares during the period. Institutional investors own 87.18% of the company’s stock.

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.