Wells Fargo & Company Raises ServiceNow (NYSE:NOW) Price Target to $1,050.00

ServiceNow (NYSE:NOW) had its price target upped by Wells Fargo & Company from $1,025.00 to $1,050.00 in a report issued on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the information technology services provider’s stock.

A number of other equities research analysts have also recently weighed in on NOW. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday. Canaccord Genuity Group upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday. Citigroup lifted their price target on ServiceNow from $915.00 to $1,068.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. KeyCorp decreased their price objective on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Finally, Evercore ISI lifted their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $970.33.

ServiceNow Trading Down 0.6 %

NOW opened at $950.85 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a one year low of $548.44 and a one year high of $979.78. The company has a market cap of $195.88 billion, a P/E ratio of 171.94, a PEG ratio of 5.04 and a beta of 0.99. The business’s 50-day simple moving average is $885.56 and its 200-day simple moving average is $797.46.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the prior year, the firm posted $1.21 earnings per share. The firm’s revenue was up 22.2% on a year-over-year basis. As a group, equities research analysts expect that ServiceNow will post 7.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,467 shares of company stock worth $4,450,447. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the 1st quarter worth $25,000. Versant Capital Management Inc lifted its position in ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares during the period. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the last quarter. EntryPoint Capital LLC grew its holdings in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares during the period. Finally, Ridgewood Investments LLC acquired a new position in shares of ServiceNow during the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.