Robert W. Baird Boosts ServiceNow (NYSE:NOW) Price Target to $975.00

ServiceNow (NYSE:NOW) had its target price boosted by Robert W. Baird from $900.00 to $975.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other analysts have also issued reports on NOW. Jefferies Financial Group lifted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Canaccord Genuity Group reissued a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. Truist Financial raised their price target on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Mizuho lifted their target price on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Barclays increased their price target on ServiceNow from $890.00 to $980.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $970.33.

ServiceNow Price Performance

NYSE:NOW opened at $950.85 on Thursday. The company has a 50 day moving average price of $885.56 and a 200-day moving average price of $797.66. The firm has a market cap of $194.92 billion, a price-to-earnings ratio of 101.70, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99. ServiceNow has a 1-year low of $548.44 and a 1-year high of $979.78. 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 (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 firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the company earned $1.21 EPS. Equities research analysts forecast that ServiceNow will post 7.41 EPS for the current year.

Insider Transactions at ServiceNow

In related news, Director Paul Edward Chamberlain sold 135 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the sale, the director now owns 10,767 shares of the company’s stock, valued at $8,850,474. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jacqueline P. Canney sold 353 shares of the 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 in the company, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 135 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the sale, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,467 shares of company stock valued at $4,450,447. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the stock. Thrive Wealth Management LLC raised its stake in ServiceNow by 7.7% during the 1st quarter. Thrive Wealth Management LLC now owns 390 shares of the information technology services provider’s stock worth $297,000 after acquiring an additional 28 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in ServiceNow by 15.4% during the 1st quarter. 180 Wealth Advisors LLC now owns 1,226 shares of the information technology services provider’s stock valued at $935,000 after buying an additional 164 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in ServiceNow during the 1st quarter worth about $138,000. Webster Bank N. A. grew its holdings in shares of ServiceNow by 16.8% during the first quarter. Webster Bank N. A. now owns 4,025 shares of the information technology services provider’s stock worth $3,069,000 after buying an additional 580 shares in the last quarter. Finally, Independence Bank of Kentucky raised its holdings in ServiceNow by 27.2% in the 1st quarter. Independence Bank of Kentucky now owns 117 shares of the information technology services provider’s stock valued at $89,000 after acquiring an additional 25 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.