Cantor Fitzgerald Forecasts Strong Price Appreciation for ServiceNow (NYSE:NOW) Stock

ServiceNow (NYSE:NOW) had its price target raised by research analysts at Cantor Fitzgerald from $122.00 to $141.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 36.36% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Piper Sandler dropped their price objective on shares of ServiceNow from $200.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Bank of America initiated coverage on ServiceNow in a report on Monday, May 18th. They set a “buy” rating and a $130.00 target price on the stock. Wolfe Research set a $125.00 target price on ServiceNow in a research note on Thursday, April 23rd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of ServiceNow from $180.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. Finally, Benchmark restated a “buy” rating on shares of ServiceNow in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $139.61.

ServiceNow Stock Up 0.2%

NYSE NOW opened at $103.40 on Monday. The business has a fifty day moving average price of $103.97 and a 200 day moving average price of $109.27. ServiceNow has a one year low of $81.24 and a one year high of $210.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $106.60 billion, a P/E ratio of 61.62, a P/E/G ratio of 1.73 and a beta of 0.96.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.97. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Research analysts anticipate that ServiceNow will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction of $1,482,352.30. Following the sale, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,071 shares of company stock valued at $2,529,956 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently made changes to their positions in the stock. Florida Financial Advisors LLC raised its position in ServiceNow by 5.4% during the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after buying an additional 14 shares during the last quarter. Clark Capital Management Group Inc. boosted its holdings in shares of ServiceNow by 3.6% in the 3rd quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock valued at $473,000 after acquiring an additional 18 shares during the last quarter. American Trust boosted its holdings in shares of ServiceNow by 1.8% in the 3rd quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock valued at $947,000 after acquiring an additional 18 shares during the last quarter. Morse Asset Management Inc increased its stake in shares of ServiceNow by 0.5% in the second quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider’s stock worth $3,586,000 after acquiring an additional 19 shares during the period. Finally, CYBER HORNET ETFs LLC increased its stake in shares of ServiceNow by 3.7% in the third quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider’s stock worth $522,000 after acquiring an additional 20 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.