Canaccord Genuity Group Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target upped by research analysts at Canaccord Genuity Group from $1,000.00 to $1,200.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 9.97% from the stock’s previous close.

Several other equities analysts have also recently issued reports on NOW. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $900.00 to $960.00 in a report on Monday, October 21st. Piper Sandler increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Oppenheimer upped their target price on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus increased their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein upped their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,042.37.

ServiceNow Stock Up 1.5 %

Shares of NOW opened at $1,091.25 on Friday. The business’s 50 day simple moving average is $1,023.24 and its 200-day simple moving average is $886.62. ServiceNow has a one year low of $637.99 and a one year high of $1,157.90. The company has a market capitalization of $224.80 billion, a P/E ratio of 169.71, a PEG ratio of 6.43 and a beta of 0.99. 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 (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.21 earnings per share. As a group, sell-side analysts predict that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,629 shares of company stock valued at $20,861,626. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Institutional investors and hedge funds have recently bought and sold shares of the business. Truvestments Capital LLC acquired a new position in shares of ServiceNow during the 3rd quarter worth approximately $30,000. Ridgewood Investments LLC acquired a new position in shares of ServiceNow in the second quarter valued at $32,000. DT Investment Partners LLC raised its position in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the period. American Capital Advisory LLC bought a new stake in shares of ServiceNow during the 2nd quarter worth about $39,000. Finally, Semmax Financial Advisors Inc. acquired a new position in ServiceNow in the 2nd quarter valued at about $39,000. Institutional investors own 87.18% of the company’s stock.

About ServiceNow

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.