ServiceNow, Inc. (NYSE:NOW – Get Free Report) shares shot up 6.4% during trading on Friday . The company traded as high as $126.15 and last traded at $124.9110. Approximately 25,486,291 shares traded hands during trading, an increase of 6% from the average session volume of 24,041,828 shares. The stock had previously closed at $117.35.
Analysts Set New Price Targets
Several analysts recently weighed in on NOW shares. Citizens Jmp reiterated a “market outperform” rating and issued a $157.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of ServiceNow from $180.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, April 16th. Wells Fargo & Company cut their target price on ServiceNow from $185.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. Barclays reaffirmed an “overweight” rating and set a $134.00 target price (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. Finally, FBN Securities cut their price target on shares of ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.39.
Check Out Our Latest Research Report on NOW
ServiceNow Price Performance
ServiceNow (NYSE:NOW – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same period last year, the company posted $0.81 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current year.
Insider Activity
In related news, insider Paul Fipps sold 1,048 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 18,993 shares of company stock worth $1,716,436 over the last quarter. Corporate insiders own 0.34% of the company’s stock.
Hedge Funds Weigh In On ServiceNow
Institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Watch Advisors INC purchased a new position in ServiceNow in the third quarter valued at about $29,000. Kelleher Financial Advisors acquired a new position in ServiceNow during the third quarter valued at approximately $50,000. Pin Oak Investment Advisors Inc. raised its position in shares of ServiceNow by 20.7% in the third quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 23 shares during the period. Jupiter Wealth Management LLC bought a new position in shares of ServiceNow in the second quarter valued at approximately $154,000. Finally, CBIZ Investment Advisory Services LLC lifted its stake in shares of ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 135 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
About ServiceNow
ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.
The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.
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