ServiceNow (NYSE:NOW) Price Target Raised to $130.00

ServiceNow (NYSE:NOW) had its price objective lifted by equities research analysts at Benchmark from $125.00 to $130.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Benchmark’s price target points to a potential upside of 27.03% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Citizens Jmp reiterated a “market outperform” rating and set a $157.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Morgan Stanley dropped their target price on shares of ServiceNow from $210.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the company an “underweight” rating in a research report on Thursday, April 23rd. TD Cowen reiterated a “buy” rating and set a $140.00 target price on shares of ServiceNow in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $135.00 target price (down from $175.00) on shares of ServiceNow in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $141.97.

ServiceNow Stock Up 0.2%

ServiceNow stock opened at $102.34 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow has a 12-month low of $81.24 and a 12-month high of $211.48. The firm’s fifty day moving average is $99.80 and its 200 day moving average is $119.74. The company has a market capitalization of $105.51 billion, a PE ratio of 60.99, a PEG ratio of 1.69 and a beta of 0.94.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the previous year, the company earned $0.81 EPS. ServiceNow’s quarterly revenue was up 22.1% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow will post 2.35 EPS for the current fiscal year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 8,927 shares of the company’s stock in a transaction on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This represents a 23.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. IAG Wealth Partners LLC boosted its position in ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 18 shares during the period. Noble Wealth Management PBC boosted its position in ServiceNow by 400.0% during the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC boosted its position in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC boosted its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 135 shares during the period. Finally, Blueline Advisors LLC bought a new position in ServiceNow during the fourth quarter worth about $25,000. Institutional investors own 87.18% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.