Morgan Stanley Increases ServiceNow (NYSE:NOW) Price Target to $830.00

ServiceNow (NYSE:NOW) had its price objective raised by Morgan Stanley from $814.00 to $830.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Several other analysts have also recently issued reports on NOW. Robert W. Baird upped their price objective on ServiceNow from $780.00 to $870.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Needham & Company LLC restated a buy rating and set a $900.00 price target on shares of ServiceNow in a report on Thursday. Mizuho increased their price target on ServiceNow from $750.00 to $820.00 and gave the company a buy rating in a report on Thursday, January 25th. JMP Securities restated a market outperform rating and set a $825.00 price target on shares of ServiceNow in a report on Tuesday, April 23rd. Finally, KeyCorp initiated coverage on ServiceNow in a report on Thursday, March 21st. They set an overweight rating and a $1,000.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $792.00.

ServiceNow Stock Up 1.0 %

Shares of NOW opened at $723.55 on Thursday. The stock has a market capitalization of $148.60 billion, a price-to-earnings ratio of 77.39, a price-to-earnings-growth ratio of 4.57 and a beta of 0.97. ServiceNow has a 1 year low of $427.68 and a 1 year high of $815.32. The business’s 50 day simple moving average is $759.21 and its 200-day simple moving average is $708.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.34. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. As a group, equities analysts expect that ServiceNow will post 6.16 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul John Smith sold 1,180 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the transaction, the insider now owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after purchasing an additional 122,577 shares in the last quarter. FMR LLC boosted its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares in the last quarter. Jennison Associates LLC boosted its position in ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after purchasing an additional 53,719 shares in the last quarter. Norges Bank bought a new stake in ServiceNow during the fourth quarter valued at about $1,648,259,000. Finally, Massachusetts Financial Services Co. MA boosted its position in ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after purchasing an additional 81,028 shares in the last quarter. 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.