Royal Bank of Canada Increases ServiceNow (NYSE:NOW) Price Target to $1,210.00

ServiceNow (NYSE:NOW) had its target price boosted by research analysts at Royal Bank of Canada from $1,045.00 to $1,210.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 12.69% from the company’s current price.

Several other research firms have also recently commented on NOW. Robert W. Baird raised their target price on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Needham & Company LLC boosted their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Stifel Nicolaus increased their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Truist Financial boosted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Finally, Sanford C. Bernstein raised their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,053.89.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,073.77 on Friday. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,157.90. The company has a market cap of $221.20 billion, a PE ratio of 166.99, a P/E/G ratio of 6.43 and a beta of 0.99. The stock has a 50 day simple moving average of $1,053.53 and a 200-day simple moving average of $910.90. 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 (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the firm posted $1.21 EPS. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. On average, equities research analysts forecast that ServiceNow will post 7.07 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the sale, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock worth $20,861,626 in the last 90 days. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. grew its position in ServiceNow by 0.3% in the 4th quarter. Everence Capital Management Inc. now owns 6,313 shares of the information technology services provider’s stock worth $6,693,000 after purchasing an additional 20 shares during the last quarter. Franchise Capital Ltd acquired a new stake in ServiceNow during the fourth quarter worth about $3,615,000. GAMMA Investing LLC grew its position in ServiceNow by 15.5% during the fourth quarter. GAMMA Investing LLC now owns 3,070 shares of the information technology services provider’s stock worth $3,255,000 after buying an additional 411 shares in the last quarter. Versant Capital Management Inc raised its holdings in ServiceNow by 172.9% in the 4th quarter. Versant Capital Management Inc now owns 161 shares of the information technology services provider’s stock valued at $171,000 after acquiring an additional 102 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in ServiceNow by 53.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 107,777 shares of the information technology services provider’s stock valued at $96,395,000 after acquiring an additional 37,550 shares in the last quarter. Institutional investors and hedge funds 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.