ServiceNow (NYSE:NOW) Price Target Raised to $1,150.00 at Wells Fargo & Company

ServiceNow (NYSE:NOW) had its target price hoisted by stock analysts at Wells Fargo & Company from $1,100.00 to $1,150.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 21.55% from the stock’s previous close.

Several other analysts have also recently issued reports on NOW. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research report on Thursday. JPMorgan Chase & Co. reduced their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research report on Tuesday. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Mizuho cut their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine 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 $1,032.94.

ServiceNow Stock Performance

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

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. Equities analysts anticipate that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now owns 1,737 shares of the company’s stock, valued at $1,749,871.17. The trade was a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new stake in ServiceNow during the third quarter worth $9,833,000. Anchor Investment Management LLC raised its position in shares of ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock worth $1,220,000 after acquiring an additional 78 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in shares of ServiceNow during the 3rd quarter worth $202,000. World Investment Advisors LLC boosted its position in ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after purchasing an additional 5,594 shares in the last quarter. Finally, Sfmg LLC purchased a new position in ServiceNow in the third quarter valued at about $226,000. 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.