ServiceNow (NYSE:NOW) Price Target Raised to $510.00

ServiceNow (NYSE:NOW) had its target price lifted by Royal Bank of Canada from $500.00 to $510.00 in a research report report published on Thursday morning, BenzingaRatingsTable reports. Royal Bank of Canada currently has an outperform rating on the information technology services provider’s stock.

Several other brokerages have also commented on NOW. Stifel Nicolaus raised their price objective on ServiceNow from $400.00 to $450.00 and gave the company an outperform rating in a research report on Tuesday, July 14th. Goldman Sachs Group boosted their target price on ServiceNow from $403.00 to $538.00 in a research report on Monday, June 29th. Mizuho boosted their target price on ServiceNow from $320.00 to $370.00 and gave the stock a buy rating in a research report on Thursday, April 30th. TheStreet raised ServiceNow from a c+ rating to a b rating in a research report on Thursday, June 11th. Finally, Jefferies Financial Group boosted their target price on ServiceNow from $375.00 to $465.00 and gave the stock a buy rating in a research report on Tuesday, June 23rd. Seven research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $433.85.

Shares of ServiceNow stock traded up $7.80 on Thursday, reaching $439.20. The stock had a trading volume of 1,745,876 shares, compared to its average volume of 1,545,994. ServiceNow has a 1 year low of $213.99 and a 1 year high of $454.70. The company has a market cap of $83.76 billion, a P/E ratio of 119.35, a price-to-earnings-growth ratio of 15.46 and a beta of 1.34. The company has a current ratio of 1.17, a quick ratio of 1.03 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $413.30 and its two-hundred day moving average is $348.33.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 29th. The information technology services provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $1.03. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.05 billion. ServiceNow had a net margin of 18.42% and a return on equity of 11.09%. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 earnings per share. On average, equities analysts anticipate that ServiceNow will post 1.01 EPS for the current fiscal year.

In related news, Director Jeffrey A. Miller sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $354.56, for a total transaction of $17,728,000.00. Following the completion of the transaction, the director now directly owns 52,983 shares in the company, valued at approximately $18,785,652.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Teresa Briggs sold 546 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $378.20, for a total value of $206,497.20. Following the transaction, the director now owns 999 shares of the company’s stock, valued at $377,821.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,794 shares of company stock valued at $48,071,718. 1.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors lifted its holdings in ServiceNow by 31.2% in the 1st quarter. Capital Research Global Investors now owns 5,013,893 shares of the information technology services provider’s stock worth $1,436,881,000 after purchasing an additional 1,190,890 shares in the last quarter. Polen Capital Management LLC lifted its holdings in ServiceNow by 61.1% in the 1st quarter. Polen Capital Management LLC now owns 3,125,270 shares of the information technology services provider’s stock worth $895,640,000 after purchasing an additional 1,184,844 shares in the last quarter. Geode Capital Management LLC lifted its holdings in ServiceNow by 3.8% in the 1st quarter. Geode Capital Management LLC now owns 2,654,585 shares of the information technology services provider’s stock worth $759,111,000 after purchasing an additional 96,715 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in ServiceNow by 74.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,512,450 shares of the information technology services provider’s stock worth $433,439,000 after purchasing an additional 647,674 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in ServiceNow by 2.2% in the 1st quarter. Legal & General Group Plc now owns 1,142,635 shares of the information technology services provider’s stock worth $327,599,000 after purchasing an additional 24,639 shares in the last quarter. 92.11% of the stock is currently owned by institutional investors.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Analyst Recommendations for ServiceNow (NYSE:NOW)

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