ServiceNow (NYSE:NOW) Stock Price Up 2.3% on Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW)’s share price rose 2.3% on Monday after Piper Sandler raised their price target on the stock from $140.00 to $175.00. Piper Sandler currently has an overweight rating on the stock. ServiceNow traded as high as $145.48 and last traded at $145.3030. 9,546,832 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 21,535,047 shares. The stock had previously closed at $141.97.

Other research analysts have also issued reports about the stock. Citigroup reiterated a “buy” rating and issued a $170.00 target price (up from $154.00) on shares of ServiceNow in a research note on Wednesday, October 14th. Argus lifted their target price on shares of ServiceNow from $134.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, October 7th. Benchmark reissued a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. Barclays restated an “overweight” rating and set a $160.00 price target (up from $134.00) on shares of ServiceNow in a report on Tuesday, October 13th. Finally, Stifel Nicolaus set a $160.00 price target on ServiceNow and gave the company a “buy” rating in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $152.29.

Insider Activity

In other news, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the sale, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline Canney sold 7,847 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the sale, the insider owned 30,042 shares in the company, valued at approximately $4,145,796. The trade was a 20.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Cornerstone Financial Management LLC lifted its position in shares of ServiceNow by 72.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 107 shares during the period. CrossGen Wealth LLC bought a new stake in shares of ServiceNow during the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd raised its stake in shares of ServiceNow by 4,157.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 298 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 291 shares in the last quarter. Marquette Asset Management LLC raised its stake in shares of ServiceNow by 75.0% in the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 129 shares in the last quarter. Finally, Kilter Group LLC acquired a new position in shares of ServiceNow in the second quarter valued at $31,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

The stock has a market capitalization of $150.24 billion, a P/E ratio of 90.81, a PEG ratio of 2.61 and a beta of 0.99. The firm has a 50-day moving average of $135.20 and a 200 day moving average of $113.73. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. Research analysts anticipate that ServiceNow, Inc. will post 2.22 EPS for the current fiscal year.

About ServiceNow

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company’s products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.