ServiceNow (NYSE:NOW) Reaches New 12-Month High Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s stock price hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $1,071.00 to $1,432.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $1,161.76 and last traded at $1,156.57, with a volume of 524967 shares traded. The stock had previously closed at $1,124.98.

A number of other equities research analysts have also recently commented on NOW. Oppenheimer raised their target price on shares of ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group boosted their target price on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Guggenheim reiterated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. TD Cowen raised their target price 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. Finally, Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $900.00 to $960.00 in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,105.79.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the third quarter worth $30,000. DT Investment Partners LLC raised 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 acquiring an additional 17 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow in the fourth quarter worth $37,000. Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. Finally, Dunhill Financial LLC increased its stake in shares of ServiceNow by 70.0% in the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after acquiring an additional 21 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 2.7 %

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 cap of $241.23 billion, a P/E ratio of 182.11, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99. The stock has a 50-day moving average of $1,079.79 and a two-hundred day moving average of $948.04.

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.