Mizuho Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price objective hoisted by Mizuho from $980.00 to $1,070.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the information technology services provider’s stock.

A number of other analysts also recently issued reports on NOW. UBS Group raised their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Stifel Nicolaus raised their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Barclays raised their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Scotiabank started coverage on ServiceNow in a research report on Tuesday. They set a “sector outperform” rating and a $1,230.00 price objective for the company. Finally, BMO Capital Markets raised their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $986.39.

ServiceNow Stock Up 1.3 %

NYSE NOW opened at $1,060.57 on Tuesday. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,064.59. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business’s fifty day simple moving average is $948.53 and its 200-day simple moving average is $834.64. The firm has a market cap of $218.48 billion, a PE ratio of 164.94, a P/E/G ratio of 5.87 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 EPS. As a group, equities analysts anticipate that ServiceNow will post 7.07 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, insider Kevin Thomas Mcbride sold 100 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $102,397.00. Following the completion of the sale, the insider now owns 3,457 shares in the company, valued at $3,539,864.29. The trade was a 2.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,644 shares of company stock valued at $19,381,744. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors have recently added to or reduced their stakes in NOW. Catalyst Financial Partners LLC lifted its stake in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after buying an additional 11 shares during the last quarter. First Affirmative Financial Network lifted its stake in ServiceNow by 1.4% in the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after buying an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after buying an additional 12 shares during the last quarter. BluePointe Capital Management LLC lifted its stake in ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after buying an additional 12 shares during the last quarter. Finally, Morling Financial Advisors LLC lifted its stake in ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after buying an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.