ServiceNow (NYSE:NOW) Stock Price Up 1.6% Following Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) shares were up 1.6% during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $122.00 to $141.00. Cantor Fitzgerald currently has an overweight rating on the stock. ServiceNow traded as high as $105.33 and last traded at $104.8990. Approximately 20,436,051 shares traded hands during trading, a decline of 13% from the average daily volume of 23,597,367 shares. The stock had previously closed at $103.24.

Other research analysts have also issued reports about the stock. Truist Financial raised their price target on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. CLSA assumed coverage on shares of ServiceNow in a research report on Monday. They issued an “underperform” rating and a $72.00 price objective for the company. Weiss Ratings lowered shares of ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, July 10th. DA Davidson reissued a “buy” rating and set a $190.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, Capital One Financial boosted their target price on ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.12.

Insider Activity at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the sale, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated 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 directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after buying an additional 81,752,460 shares during the last quarter. State Street Corp lifted its position in shares of ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after buying an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after buying an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares during the period. Finally, Morgan Stanley grew its stake in shares of ServiceNow by 335.6% during the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after acquiring an additional 17,514,679 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 1.6%

The firm has a fifty day moving average of $103.97 and a two-hundred day moving average of $109.27. The company has a market cap of $108.15 billion, a PE ratio of 62.51, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 EPS. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.33 EPS for the current year.

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.