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

ServiceNow (NYSE:NOW) had its price target lifted by research analysts at Citigroup from $896.00 to $906.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective would indicate a potential upside of 22.93% from the stock’s current price.

NOW has been the topic of several other reports. Truist Financial upped their price objective on shares of ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Piper Sandler upped their price objective on shares of ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Needham & Company LLC reissued a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a report on Tuesday. Wells Fargo & Company increased their price target on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Barclays lifted their target price on shares of ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $780.37.

ServiceNow Price Performance

NOW stock traded up $0.56 during mid-day trading on Thursday, hitting $737.01. The stock had a trading volume of 203,813 shares, compared to its average volume of 1,163,068. The firm has a market capitalization of $151.37 billion, a P/E ratio of 87.79, a P/E/G ratio of 4.71 and a beta of 0.97. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The firm has a fifty day simple moving average of $767.53 and a 200 day simple moving average of $700.42. ServiceNow has a 52 week low of $427.68 and a 52 week high of $815.32.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The firm’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. As a group, research analysts forecast that ServiceNow will post 6.16 EPS for the current year.

Insider Activity

In other news, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the sale, the insider now directly owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock valued at $9,940,303 in the last quarter. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in ServiceNow in the fourth quarter valued at about $1,648,259,000. Moneta Group Investment Advisors LLC increased its position in shares of ServiceNow by 69,897.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 856,069 shares of the information technology services provider’s stock worth $332,386,000 after purchasing an additional 854,846 shares in the last quarter. International Assets Investment Management LLC boosted its stake in ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after buying an additional 820,465 shares during the last quarter. FMR LLC boosted its stake 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 worth $2,256,407,000 after buying an additional 595,697 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in ServiceNow by 129.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 994,367 shares of the information technology services provider’s stock worth $386,082,000 after buying an additional 560,908 shares during the last quarter. Hedge funds and other institutional investors 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.