Citigroup Increases ServiceNow (NYSE:NOW) Price Target to $906.00

ServiceNow (NYSE:NOW) had its price target increased by analysts at Citigroup from $896.00 to $906.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective suggests a potential upside of 22.93% from the company’s previous close.

A number of other brokerages have also recently commented on NOW. Piper Sandler lifted their target price on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. Mizuho lifted their target price on ServiceNow from $750.00 to $820.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. KeyCorp initiated coverage on ServiceNow in a report on Thursday, March 21st. They set an “overweight” rating and a $1,000.00 price objective for the company. Guggenheim restated a “neutral” rating on shares of ServiceNow in a report on Monday. Finally, Barclays boosted their price objective on ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $780.37.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $0.56 during trading on Thursday, hitting $737.01. 203,813 shares of the company’s stock traded hands, compared to its average volume of 1,163,068. The stock has a market capitalization of $151.37 billion, a P/E ratio of 87.79, a PEG ratio of 4.71 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The business has a 50-day simple moving average of $767.53 and a 200-day simple moving average of $700.42. ServiceNow has a 1 year low of $427.68 and a 1 year high of $815.32.

ServiceNow (NYSE:NOW) last announced its earnings results 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 11.85% and a net margin of 19.30%. The business’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period last year, the firm posted $0.88 earnings per share. As a group, analysts forecast that ServiceNow will post 6.16 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 1,795 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at $776,373.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction that occurred 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 in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul John Smith sold 1,795 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total value of $1,402,002.70. Following the transaction, the insider now owns 994 shares in the company, valued at approximately $776,373.64. The disclosure for this sale can be found here. Insiders have sold 13,164 shares of company stock worth $9,940,303 over the last quarter. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in the company. Argonautica Private Wealth Management Inc. raised its holdings in shares of ServiceNow by 1.0% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock valued at $972,000 after acquiring an additional 13 shares during the last quarter. Wealth Management Partners LLC boosted its holdings in ServiceNow by 2.7% in the fourth quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock valued at $375,000 after purchasing an additional 14 shares during the period. Oliver Lagore Vanvalin Investment Group boosted its holdings in ServiceNow by 30.4% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 14 shares during the period. Optas LLC boosted its holdings in ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares during the period. Finally, Trust Co. of Vermont boosted its holdings in ServiceNow by 8.6% in the third quarter. Trust Co. of Vermont now owns 190 shares of the information technology services provider’s stock valued at $106,000 after purchasing an additional 15 shares during the period. Institutional investors and hedge funds 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.