TD Cowen Increases ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its price target lifted by TD Cowen from $900.00 to $1,000.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

NOW has been the topic of several other reports. 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 note on Thursday, October 17th. Evercore ISI lifted their target price on shares of ServiceNow from $850.00 to $950.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Guggenheim reissued a “sell” rating and set a $640.00 price target on shares of ServiceNow in a research note on Monday, July 8th. Royal Bank of Canada raised their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, BMO Capital Markets upped their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $923.00.

ServiceNow Trading Down 0.4 %

Shares of NOW opened at $918.34 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow has a 1-year low of $527.24 and a 1-year high of $949.59. The stock has a market cap of $188.26 billion, a price-to-earnings ratio of 98.22, a price-to-earnings-growth ratio of 5.63 and a beta of 0.99. The firm has a 50 day simple moving average of $876.85 and a 200-day simple moving average of $793.35.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business’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 firm posted $0.77 earnings per share. Equities analysts forecast that ServiceNow will post 6.78 EPS for the current fiscal year.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. This 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 at the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated 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 transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,267 shares of company stock worth $5,935,447. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Several hedge funds have recently made changes to their positions in NOW. Eastern Bank increased its position in ServiceNow by 108.1% in the third quarter. Eastern Bank now owns 54,421 shares of the information technology services provider’s stock worth $48,674,000 after buying an additional 28,272 shares during the period. Sierra Capital LLC increased its holdings in shares of ServiceNow by 251.5% in the 3rd quarter. Sierra Capital LLC now owns 1,828 shares of the information technology services provider’s stock worth $1,635,000 after acquiring an additional 1,308 shares during the period. Signaturefd LLC lifted its position in ServiceNow by 11.7% in the 3rd quarter. Signaturefd LLC now owns 3,950 shares of the information technology services provider’s stock valued at $3,533,000 after purchasing an additional 414 shares during the last quarter. Dock Street Asset Management Inc. grew its position in ServiceNow by 21.3% in the 3rd quarter. Dock Street Asset Management Inc. now owns 32,049 shares of the information technology services provider’s stock worth $28,664,000 after purchasing an additional 5,621 shares during the last quarter. Finally, Calton & Associates Inc. acquired a new stake in shares of ServiceNow in the third quarter valued at approximately $291,000. 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.