ServiceNow (NYSE:NOW) Trading Up 0.9% After Analyst Upgrade

ServiceNow, Inc. (NYSE:NOW) was up 0.9% during trading on Wednesday after Robert W. Baird raised their price target on the stock from $870.00 to $885.00. Robert W. Baird currently has an outperform rating on the stock. ServiceNow traded as high as $721.21 and last traded at $719.90. Approximately 278,474 shares were traded during trading, a decline of 77% from the average daily volume of 1,216,238 shares. The stock had previously closed at $713.33.

A number of other equities research analysts have also recently issued reports on NOW. KeyCorp lowered their price objective on ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. UBS Group decreased their price target on ServiceNow from $920.00 to $875.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Jefferies Financial Group upped their price target on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Wells Fargo & Company boosted their price objective on ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Thursday, April 25th. Three equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $807.88.

Insider Activity

In other news, insider Paul John Smith sold 5,159 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO William R. Mcdermott sold 5,030 shares of the company’s 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 completion of 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 filing with the SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 5,159 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the transaction, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,369 shares of company stock valued at $8,538,300. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently added to or reduced their stakes in the company. Sandbox Financial Partners LLC raised its holdings in ServiceNow by 8.6% in the fourth quarter. Sandbox Financial Partners LLC now owns 835 shares of the information technology services provider’s stock worth $590,000 after purchasing an additional 66 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of ServiceNow by 19.8% during the fourth quarter. Federated Hermes Inc. now owns 300,122 shares of the information technology services provider’s stock valued at $212,033,000 after acquiring an additional 49,631 shares in the last quarter. Raymond James & Associates increased its holdings in shares of ServiceNow by 5.9% during the fourth quarter. Raymond James & Associates now owns 331,406 shares of the information technology services provider’s stock valued at $234,135,000 after acquiring an additional 18,442 shares in the last quarter. Dohj LLC bought a new position in shares of ServiceNow during the fourth quarter valued at $913,000. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of ServiceNow by 15.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 25,726 shares of the information technology services provider’s stock valued at $18,175,000 after acquiring an additional 3,438 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

The company has a quick ratio of 1.06, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The firm has a fifty day moving average price of $751.22 and a two-hundred day moving average price of $717.54. The stock has a market capitalization of $148.14 billion, a P/E ratio of 77.14, a P/E/G ratio of 4.50 and a beta of 0.98.

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.