ServiceNow (NYSE:NOW) Price Target Raised to $1,250.00 at JPMorgan Chase & Co.

ServiceNow (NYSE:NOW) had its target price hoisted by JPMorgan Chase & Co. from $950.00 to $1,250.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the information technology services provider’s stock.

Several other equities analysts have also recently commented on the company. Jefferies Financial Group increased their target price on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Citigroup increased their price target on shares of ServiceNow from $1,071.00 to $1,432.00 and gave the stock a “buy” rating in a research report on Monday. Truist Financial boosted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Finally, Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,116.14.

ServiceNow Price Performance

NOW opened at $1,144.86 on Wednesday. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market cap of $235.84 billion, a price-to-earnings ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $1,082.77 and a 200 day simple moving average of $950.94.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. Equities research analysts expect that ServiceNow will post 7.06 EPS for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,731 shares of company stock valued at $21,016,751. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in NOW. Northwestern Mutual Wealth Management Co. boosted its holdings in ServiceNow by 9.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 16,561 shares of the information technology services provider’s stock worth $13,027,000 after buying an additional 1,484 shares in the last quarter. Regal Investment Advisors LLC lifted its position in shares of ServiceNow by 8.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 865 shares of the information technology services provider’s stock valued at $681,000 after acquiring an additional 66 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in shares of ServiceNow by 9.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 2,206 shares of the information technology services provider’s stock worth $1,736,000 after acquiring an additional 186 shares in the last quarter. KPP Advisory Services LLC grew its holdings in shares of ServiceNow by 2.4% in the 2nd quarter. KPP Advisory Services LLC now owns 638 shares of the information technology services provider’s stock worth $502,000 after acquiring an additional 15 shares during the last quarter. Finally, Souders Financial Advisors acquired a new stake in shares of ServiceNow during the second quarter worth $201,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.