ServiceNow (NYSE:NOW) Price Target Increased to $850.00 by Analysts at Piper Sandler

ServiceNow (NYSE:NOW) had its target price boosted by Piper Sandler from $830.00 to $850.00 in a research note issued to investors on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider’s stock.

Several other equities analysts have also recently issued reports on the company. UBS Group lowered their price target on ServiceNow from $920.00 to $875.00 and set a buy rating on the stock in a research report on Thursday, April 25th. StockNews.com cut ServiceNow from a buy rating to a hold rating in a research report on Friday, April 26th. BMO Capital Markets lowered their price target on ServiceNow from $850.00 to $830.00 and set an outperform rating on the stock in a research report on Thursday, April 25th. Wolfe Research reiterated an outperform rating and set a $830.00 price target on shares of ServiceNow in a research report on Friday, May 10th. Finally, Canaccord Genuity Group reiterated a buy rating and set a $835.00 price target on shares of ServiceNow in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and a consensus target price of $833.57.

ServiceNow Stock Up 13.3 %

NOW opened at $828.16 on Thursday. ServiceNow has a 12 month low of $527.24 and a 12 month high of $850.33. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $169.77 billion, a P/E ratio of 88.57, a P/E/G ratio of 4.58 and a beta of 0.99. The stock’s 50 day moving average price is $742.77 and its 200 day moving average price is $750.01.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 15.01% and a net margin of 11.51%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same period last year, the firm earned $0.77 EPS. The firm’s revenue was up 22.2% compared to the same quarter last year. As a group, research analysts predict that ServiceNow will post 6.5 earnings per share for the current year.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $2,521,422.51. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the transaction, the insider now owns 15,892 shares in the company, valued at $11,124,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,530 shares of company stock valued at $3,997,012. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently bought and sold shares of NOW. PFG Investments LLC bought a new position in ServiceNow during the fourth quarter valued at about $278,000. IFG Advisory LLC increased its stake 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 worth $284,000 after purchasing an additional 28 shares during the period. Steel Grove Capital Advisors LLC increased its stake in shares of ServiceNow by 5.9% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 393 shares of the information technology services provider’s stock worth $278,000 after purchasing an additional 22 shares during the period. Trueblood Wealth Management LLC bought a new position in shares of ServiceNow in the fourth quarter worth about $286,000. Finally, Ritholtz Wealth Management increased its stake in shares of ServiceNow by 9.4% in the fourth quarter. Ritholtz Wealth Management now owns 2,240 shares of the information technology services provider’s stock worth $1,583,000 after purchasing an additional 192 shares during the period. 87.18% of the stock is currently owned by institutional investors.

About ServiceNow

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.