Morgan Stanley Boosts ServiceNow (NOW) Price Target to $172.00

ServiceNow (NYSE:NOW) had its price target increased by research analysts at Morgan Stanley from $163.00 to $172.00 in a research report issued on Tuesday. The firm currently has an “overweight” rating on the information technology services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 17.17% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. UBS Group boosted their price target on shares of ServiceNow from $128.00 to $168.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research lowered shares of ServiceNow from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Cowen reissued a “buy” rating and issued a $160.00 price target on shares of ServiceNow in a report on Monday, December 11th. JPMorgan Chase & Co. lowered shares of ServiceNow from an “overweight” rating to a “neutral” rating and set a $138.00 price target on the stock. in a report on Tuesday, December 12th. Finally, Mizuho reissued a “buy” rating on shares of ServiceNow in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. ServiceNow presently has a consensus rating of “Buy” and a consensus price target of $138.46.

Shares of ServiceNow (NYSE:NOW) traded down $0.29 during trading on Tuesday, reaching $146.80. 955,664 shares of the company’s stock traded hands, compared to its average volume of 1,500,395. The company has a market cap of $25,860.10, a price-to-earnings ratio of -161.32 and a beta of 1.06. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.66 and a quick ratio of 1.66. ServiceNow has a 12-month low of $83.42 and a 12-month high of $150.85.

In related news, Director Frederic B. Luddy sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $135.37, for a total transaction of $13,537,000.00. Following the completion of the sale, the director now directly owns 240,000 shares of the company’s stock, valued at approximately $32,488,800. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO David Schneider sold 16,349 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $124.21, for a total value of $2,030,709.29. Following the sale, the executive now directly owns 67,185 shares of the company’s stock, valued at $8,345,048.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 480,174 shares of company stock valued at $61,929,650. 3.30% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SeaBridge Investment Advisors LLC acquired a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $118,000. Exane Derivatives lifted its holdings in ServiceNow by 90.3% during the 4th quarter. Exane Derivatives now owns 925 shares of the information technology services provider’s stock valued at $121,000 after purchasing an additional 439 shares during the last quarter. Cerebellum GP LLC acquired a new stake in ServiceNow during the 4th quarter valued at $131,000. Rockefeller Financial Services Inc. acquired a new stake in ServiceNow during the 3rd quarter valued at $138,000. Finally, Toronto Dominion Bank lifted its holdings in ServiceNow by 12.3% during the 2nd quarter. Toronto Dominion Bank now owns 2,040 shares of the information technology services provider’s stock valued at $216,000 after purchasing an additional 224 shares during the last quarter.

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ServiceNow Company Profile

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.