ServiceNow (NYSE:NOW) Trading 408.8% Higher – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) shot up 408.8% on Friday . The company traded as high as $861.50 and last traded at $853.6620. 1,276,855 shares were traded during mid-day trading, a decline of 84% from the average session volume of 8,125,606 shares. The stock had previously closed at $167.77.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays increased their target price on ServiceNow from $242.00 to $245.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $240.00 price objective on shares of ServiceNow in a research report on Monday, October 27th. Piper Sandler restated an “overweight” rating and issued a $230.00 target price on shares of ServiceNow in a report on Thursday, October 30th. Morgan Stanley set a $263.00 price target on shares of ServiceNow and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price target on shares of ServiceNow in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $229.93.

ServiceNow Stock Up 408.8%

The company’s fifty day simple moving average is $881.34 and its 200 day simple moving average is $932.54. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $177.56 billion, a P/E ratio of 103.22, a price-to-earnings-growth ratio of 3.48 and a beta of 0.97.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 29th. The information technology services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.12. ServiceNow had a net margin of 13.66% and a return on equity of 18.74%. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. ServiceNow’s quarterly revenue was up 21.8% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,610 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $165.42, for a total value of $431,735.76. Following the sale, the insider directly owned 15,000 shares of the company’s stock, valued at $2,481,240. This represents a 14.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $161.60, for a total transaction of $242,400.00. Following the transaction, the director directly owned 47,930 shares of the company’s stock, valued at approximately $7,745,488. This trade represents a 3.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,235 shares of company stock worth $2,180,835. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wealth Preservation Advisors LLC acquired a new position in shares of ServiceNow during the 1st quarter worth approximately $382,000. Corient IA LLC purchased a new position in shares of ServiceNow during the 1st quarter worth $796,000. Cascade Investment Group Inc. increased its position in shares of ServiceNow by 12.8% during the 1st quarter. Cascade Investment Group Inc. now owns 451 shares of the information technology services provider’s stock worth $359,000 after purchasing an additional 51 shares during the last quarter. Klingman & Associates LLC raised its holdings in ServiceNow by 22.2% in the 2nd quarter. Klingman & Associates LLC now owns 533 shares of the information technology services provider’s stock valued at $548,000 after buying an additional 97 shares during the period. Finally, Ethic Inc. lifted its position in ServiceNow by 1.6% in the second quarter. Ethic Inc. now owns 25,496 shares of the information technology services provider’s stock valued at $26,067,000 after buying an additional 397 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

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.