Mizuho Issues Positive Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price increased by Mizuho from $1,070.00 to $1,210.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

Several other equities analysts have also weighed in on NOW. TD Cowen increased their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler boosted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Jefferies Financial Group raised their price target on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Truist Financial upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Scotiabank initiated coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,034.96.

ServiceNow Trading Down 2.4 %

Shares of NOW stock opened at $1,121.10 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $230.95 billion, a price-to-earnings ratio of 174.35, a PEG ratio of 6.58 and a beta of 0.99. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,157.90. The company has a 50-day simple moving average of $1,006.82 and a two-hundred day simple moving average of $872.87.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow’s revenue was up 22.2% on a year-over-year basis. During the same period last year, the business posted $1.21 earnings per share. Research analysts anticipate that ServiceNow will post 7.07 EPS for the current fiscal year.

Insider Activity

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,629 shares of company stock worth $20,861,626. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NOW. Truvestments Capital LLC bought a new position in shares of ServiceNow during the 3rd quarter valued at $30,000. Ridgewood Investments LLC purchased a new stake in ServiceNow during the second quarter valued at about $32,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. American Capital Advisory LLC purchased a new position in shares of ServiceNow in the second quarter worth about $39,000. Finally, Semmax Financial Advisors Inc. bought a new stake in shares of ServiceNow in the 2nd quarter valued at about $39,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.