ServiceNow (NYSE:NOW) Price Target Raised to $1,000.00 at Evercore ISI

ServiceNow (NYSE:NOW) had its price target raised by Evercore ISI from $950.00 to $1,000.00 in a report released on Thursday, Benzinga reports. Evercore ISI currently has an outperform rating on the information technology services provider’s stock.

Several other research firms have also weighed in on NOW. Barclays upped their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday. Mizuho increased their price objective on ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. KeyCorp reduced their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Morgan Stanley cut shares of 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 report on Monday. Finally, Oppenheimer boosted their price target on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $970.22.

ServiceNow Stock Performance

NOW stock traded up $1.38 during midday trading on Thursday, hitting $957.96. The stock had a trading volume of 236,563 shares, compared to its average volume of 1,280,213. ServiceNow has a 52 week low of $548.44 and a 52 week high of $979.78. 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 has a 50-day simple moving average of $880.60 and a 200 day simple moving average of $795.09. The firm has a market capitalization of $197.34 billion, a price-to-earnings ratio of 172.95, a P/E/G ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $1.21 EPS. As a group, equities research analysts anticipate that ServiceNow will post 7.41 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’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 transaction, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,027,502.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,467 shares of company stock valued at $4,450,447 over the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Boston Financial Mangement LLC increased its stake in ServiceNow by 3.5% in the third quarter. Boston Financial Mangement LLC now owns 4,773 shares of the information technology services provider’s stock valued at $4,269,000 after purchasing an additional 162 shares in the last quarter. abrdn plc grew its holdings in shares of ServiceNow by 110.2% in the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after buying an additional 231,900 shares during the period. Worth Financial Advisory Group LLC increased its position in shares of ServiceNow by 9.9% in the 3rd quarter. Worth Financial Advisory Group LLC now owns 601 shares of the information technology services provider’s stock valued at $538,000 after buying an additional 54 shares in the last quarter. Pallas Capital Advisors LLC increased its position in shares of ServiceNow by 8.0% in the 3rd quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock valued at $2,305,000 after buying an additional 179 shares in the last quarter. Finally, Orrstown Financial Services Inc. lifted its holdings in ServiceNow by 18.0% during the third quarter. Orrstown Financial Services Inc. now owns 726 shares of the information technology services provider’s stock worth $649,000 after acquiring an additional 111 shares in the last quarter. 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.