ServiceNow (NYSE:NOW) Reaches New 52-Week High Following Analyst Upgrade

Shares of ServiceNow, Inc. (NYSE:NOW) reached a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $820.00 to $900.00. Stifel Nicolaus currently has a buy rating on the stock. ServiceNow traded as high as $825.82 and last traded at $823.95, with a volume of 1427466 shares. The stock had previously closed at $730.87.

NOW has been the topic of several other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a report on Thursday. Guggenheim restated a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research note on Monday, July 8th. Canaccord Genuity Group reissued a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a report on Tuesday. UBS Group reduced their target price on ServiceNow from $920.00 to $875.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Piper Sandler lifted their target price on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $822.80.

Insider Buying and Selling at ServiceNow

In other news, insider Paul John Smith sold 190 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $718.78, for a total transaction of $136,568.20. Following the transaction, the insider now directly owns 3,010 shares in the company, valued at approximately $2,163,527.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Paul John Smith sold 190 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total value of $136,568.20. Following the completion of the sale, the insider now owns 3,010 shares of the company’s stock, valued at approximately $2,163,527.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher Bedi sold 215 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total transaction of $150,500.00. Following the completion of the sale, the insider now directly owns 15,892 shares of the company’s stock, valued at $11,124,400. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,530 shares of company stock valued at $3,997,012. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. PFG Investments LLC bought a new position in shares of ServiceNow in the fourth quarter worth about $278,000. SignalPoint Asset Management LLC acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $246,000. IFG Advisory LLC boosted its position in shares of ServiceNow by 7.5% in the fourth quarter. IFG Advisory LLC now owns 402 shares of the information technology services provider’s stock valued at $284,000 after acquiring an additional 28 shares during the period. Cornell Pochily Investment Advisors Inc. acquired a new stake in shares of ServiceNow in the fourth quarter worth $212,000. Finally, Steel Grove Capital Advisors LLC increased its position in ServiceNow by 5.9% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 393 shares of the information technology services provider’s stock worth $278,000 after acquiring an additional 22 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Up 11.8 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $167.51 billion, a price-to-earnings ratio of 87.39, a PEG ratio of 4.80 and a beta of 0.99. The company’s 50 day moving average is $741.36 and its 200 day moving average is $749.47.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. On average, research analysts forecast that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

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.