ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

ServiceNow (NYSE:NOW) had its price target boosted by Canaccord Genuity Group from $1,000.00 to $1,200.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

A number of other analysts have also recently issued reports on the company. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Royal Bank of Canada increased their price objective on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. JMP Securities lifted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. Stifel Nicolaus raised their price target on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Mizuho upped their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,042.37.

ServiceNow Price Performance

NYSE:NOW opened at $1,091.25 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The company has a fifty day moving average price of $1,023.24 and a 200 day moving average price of $885.13. The stock has a market cap of $224.80 billion, a P/E ratio of 169.71, a PEG ratio of 6.43 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its 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. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the company earned $1.21 earnings per share. The firm’s revenue was up 22.2% on a year-over-year basis. Analysts anticipate that ServiceNow will post 7.07 earnings per share for the current year.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Polymer Capital Management HK LTD boosted its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares in the last quarter. AXA S.A. lifted its holdings 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 acquiring an additional 4,271 shares in the last quarter. Avidian Wealth Enterprises LLC raised its position in shares of 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 purchasing an additional 138 shares during the period. Venturi Wealth Management LLC raised its position in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares during the period. Finally, HWG Holdings LP acquired a new stake in shares of ServiceNow during the second quarter worth about $2,679,000. 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.