ServiceNow (NYSE:NOW) Price Target Raised to $1,100.00 at Royal Bank of Canada

ServiceNow (NYSE:NOW) had its price target raised by Royal Bank of Canada from $1,060.00 to $1,100.00 in a report published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the information technology services provider’s stock.

A number of other research analysts have also commented on the company. Canaccord Genuity Group cut their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,041.48.

ServiceNow Price Performance

NYSE NOW opened at $967.71 on Tuesday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a fifty day simple moving average of $840.96 and a 200 day simple moving average of $969.12. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $200.32 billion, a P/E ratio of 141.69, a P/E/G ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period last year, the business posted $3.41 earnings per share. The firm’s revenue was up 18.6% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Jeffrey A. Miller sold 2,282 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,692 shares of company stock worth $18,173,444 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently added to or reduced their stakes in NOW. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares during the last quarter. Institute for Wealth Management LLC. lifted its stake in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the period. TBH Global Asset Management LLC grew its stake in shares of ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after purchasing an additional 11 shares during the period. Finally, Onefund LLC increased its holdings in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after purchasing an additional 11 shares during the last quarter. 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.