ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00 at Needham & Company LLC

ServiceNow (NYSE:NOW) had its price target raised by Needham & Company LLC from $1,075.00 to $1,150.00 in a report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

A number of other analysts have also commented on NOW. TD Cowen upped their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Oppenheimer upped their target price on ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Canaccord Genuity Group upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. Finally, Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Price Performance

NOW stock opened at $1,052.82 on Monday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a one year low of $637.99 and a one year high of $1,068.88. The firm has a market capitalization of $216.88 billion, a PE ratio of 163.74, a P/E/G ratio of 6.09 and a beta of 0.98. The firm has a 50-day moving average of $951.73 and a two-hundred day moving average of $838.61.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the firm earned $1.21 earnings per share. The business’s quarterly revenue was up 22.2% on a year-over-year basis. On average, analysts forecast that ServiceNow will post 7.07 earnings per share for the current year.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,787 shares of company stock valued at $17,841,028. 0.25% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. State Street Corp lifted its holdings in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC raised its position in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the last quarter. World Investment Advisors LLC raised its position in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares during 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.