KeyCorp Increases ServiceNow (NYSE:NOW) Price Target to $1,040.00

ServiceNow (NYSE:NOW) had its price target hoisted by equities researchers at KeyCorp from $1,020.00 to $1,040.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. KeyCorp’s target price suggests a potential upside of 8.23% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. TD Cowen upped their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Monday. Citigroup upped their price target on ServiceNow from $915.00 to $1,068.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Guggenheim reissued a “sell” rating and set a $640.00 price objective on shares of ServiceNow in a report on Monday, July 8th. Stifel Nicolaus upped their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group lifted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $966.08.

ServiceNow Stock Performance

NOW traded up $53.27 during trading on Thursday, reaching $960.95. 1,758,035 shares of the company’s stock were exchanged, compared to its average volume of 1,277,566. The company has a market capitalization of $196.99 billion, a P/E ratio of 102.78, a PEG ratio of 5.63 and a beta of 0.99. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average price of $880.60 and a 200 day moving average price of $795.09. ServiceNow has a fifty-two week low of $527.24 and a fifty-two week high of $979.78.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 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 previous year, the firm posted $0.77 earnings per share. As a group, analysts predict that ServiceNow will post 6.78 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 804 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,457,924. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,457,924. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,467 shares of company stock worth $4,450,447 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of NOW. Vanguard Group Inc. lifted its stake in ServiceNow by 1.8% in the first 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 buying an additional 331,797 shares in the last quarter. Bank of New York Mellon Corp lifted its position in ServiceNow by 2.3% in the 2nd 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 acquiring an additional 34,855 shares in the last quarter. Swedbank AB lifted its position in ServiceNow by 10.3% in the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after acquiring an additional 120,983 shares in the last quarter. International Assets Investment Management LLC boosted its stake in ServiceNow by 89,137.0% in the 3rd 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 during the period. Finally, Ameriprise Financial Inc. increased its holdings in ServiceNow by 21.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after purchasing an additional 168,734 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.