ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

ServiceNow (NYSE:NOW) had its price target lifted by Wells Fargo & Company from $1,050.00 to $1,150.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Several other equities analysts also recently issued reports on NOW. Truist Financial upped their target price on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. TD Cowen increased their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a report on Monday, October 21st. Evercore ISI lifted their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Mizuho increased their price target on shares of ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, JMP Securities raised their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $974.04.

ServiceNow Price Performance

Shares of NOW stock opened at $1,048.29 on Tuesday. ServiceNow has a fifty-two week low of $632.25 and a fifty-two week high of $1,053.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $215.95 billion, a price-to-earnings ratio of 163.03, a PEG ratio of 5.95 and a beta of 0.98. The stock’s 50-day simple moving average is $916.20 and its 200-day simple moving average is $815.82.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the business earned $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated 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 in the company, valued at $3,319,372.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,027,502.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s 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 owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,359 shares of company stock worth $5,038,241. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the business. M&G Plc acquired a new position in shares of ServiceNow during the 1st quarter worth approximately $11,030,000. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares in the last quarter. AXA S.A. boosted its stake in ServiceNow by 1.1% during the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after buying an additional 4,271 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares in the last quarter. Finally, HWG Holdings LP purchased a new position in shares of ServiceNow during the 2nd quarter worth $2,679,000. 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.