Scotiabank Boosts ServiceNow (NYSE:NOW) Price Target to $1,075.00

ServiceNow (NYSE:NOW) had its price target hoisted by stock analysts at Scotiabank from $1,050.00 to $1,075.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the information technology services provider’s stock. Scotiabank’s price target would suggest a potential upside of 13.63% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on NOW. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research report on Tuesday. Piper Sandler dropped their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday. Robert W. Baird upped their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Thursday. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday. Finally, Evercore ISI increased their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,032.94.

ServiceNow Trading Up 0.8 %

Shares of ServiceNow stock opened at $946.08 on Thursday. The stock has a 50 day moving average of $838.68 and a 200 day moving average of $967.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $195.84 billion, a price-to-earnings ratio of 138.52, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock worth $19,853,273 over the last three months. Insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently bought and sold shares of NOW. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Norges Bank acquired a new position in ServiceNow in the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC raised its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new stake in ServiceNow during the 4th quarter worth approximately $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. Hedge funds and other institutional investors 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.