ServiceNow (NYSE: NOW) According to Benzinga, Morgan Stanley raised its target price from US$700.00 to US$796.00 in a report sent to investors on Monday. The brokerage currently gives an “overweight” rating to the information technology service provider’s stock. Morgan Stanley’s target price indicates that the stock’s current price has a potential upside of 25.79%.
Several other research analysts have recently weighed in on NOW. Piper Sandler raised the target price of ServiceNow stock from $550.00 to $585.00 in a report on Friday, July 9, and gave the stock a “Neutral” rating. Goldman Sachs raised its target price for ServiceNow stock from $695.00 to $725.00 in a report on Thursday, July 29. Truist raised the target price of ServiceNow stock from $575.00 to $640.00 and gave the stock a “buy” rating in a report on Thursday, July 29. Summit Insights began reporting on ServiceNow’s stock in a research report on Tuesday, September 28. They issued a “buy” rating to the company. Finally, BMO Capital Markets raised the target price of ServiceNow stock from US$575.00 to US$650.00, and gave the stock an “outperform” rating in its research report on Thursday, July 29. Two research analysts have a hold rating on the stock, 31 have a buy rating, and one has a strong buy rating on the stock. According to MarketBeat.com data, the company’s current consensus rating is “Buy”, with an average target price of US$651.84.
The New York Stock Exchange stock opened at $632.80 on Monday. ServiceNow’s 12-month low is $448.27 and the 12-month high is $681.10. The 50-day moving average price of the stock is $621.38, and its 200-day moving average price is $551.68. The company has a market capitalization of $125.36 billion, a price-to-earnings ratio of 753.34, a PEG ratio of 17.05, and a beta of 0.92. The company’s quick ratio is 1.08, current ratio is 1.08, and debt-to-equity ratio is 0.45.
ServiceNow (NYSE: NOW) last released its quarterly earnings results on Wednesday, July 28. The information technology service provider reported earnings per share of $1.42 for the quarter, which was $1.26 higher than analysts’ consensus estimate of $0.16. The company’s revenue for the quarter was $1.41 billion, while analysts expected it to be $1.36 billion. ServiceNow’s net profit margin is 3.30%, and the return on equity is 9.10%. As a whole, research analysts expect ServiceNow’s earnings per share for this fiscal year to reach 1.35.
In other ServiceNow news, director Frederic B. Luddy sold 16,500 shares in trading on Wednesday, July 7. The shares were sold at an average price of US$560.07, with a total trading volume of US$9,241,155.00. The transaction has been disclosed in a document submitted to the US Securities and Exchange Commission, which can be accessed through this hyperlink. In addition, Director Lawrence Jackson sold 422 shares in a transaction on Tuesday, August 31. The shares were sold at an average price of US$642.69, with a total trading volume of US$271,215.18. After the sale is completed, the directors now own 707 shares of the company with a value of US$454,381.83. The disclosure of this sale can be found here. Insiders sold a total of 31,208 shares of the company’s stock in the past 90 days, valued at US$17,359,693. 0.35% of the stock is currently held by company insiders.
Some institutional investors have recently revised their holdings in NOW. Lone Pine Capital LLC increased its holdings in ServiceNow by 67.0% in the second quarter. During this period, Lone Pine Capital LLC now owns 2,468,798 shares of this information technology service provider, valued at US$1,356,728,000, and purchased an additional 990,073 shares during this period. Vontobel Asset Management Inc. acquired new shares of ServiceNow in the first quarter, valued at approximately US$282,540,000. WELLCOME TRUST LTD, as the trustee of WELLCOME TRUST, purchased a new position in ServiceNow worth approximately US$251,104,000 in the second quarter. Macquarie Group Ltd. increased its stake in ServiceNow by 111.4% in the second quarter. After purchasing an additional 407,994 shares in the previous quarter, Macquarie Group Ltd. now owns 774,314 shares of the information technology service provider, valued at US$425,524,000. Finally, Brown Consulting increased its stake in ServiceNow by 22.2% in the first quarter. Brown Advisory Inc. purchased an additional 305,323 shares in the previous quarter and now owns 1,681,445 shares of the information technology service provider, valued at US$840,908,000. Institutional investors hold 85.42% of the company’s shares.
About current service
ServiceNow, Inc is engaged in providing enterprise cloud computing solutions. The company provides digital workflows on a single enterprise cloud platform called Now Platform. Its product portfolio focuses on providing information technology, employee and customer workflows. It provides solutions for industries such as government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil and gas, education, and consumer goods.
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