ServiceNow (NYSE:NOW) Reaches New 52-Week High After Analyst Upgrade

Posted by Defense World Staff on Jul 20th, 2023

ServiceNow, Inc. (NYSE:NOW – Get Free Report)’s stock price hit a new 52-week high on Wednesday after Guggenheim raised their price target on the stock from $518.00 to $657.00. Guggenheim currently has a buy rating on the stock. ServiceNow traded as high as $612.96 and last traded at $607.59, with a volume of 283626 shares traded. The stock had previously closed at $597.13.

A number of other analysts have also weighed in on NOW. BNP Paribas upgraded ServiceNow from an “underperform” rating to a “neutral” rating and set a $410.00 target price on the stock in a research note on Friday, April 28th. Mizuho boosted their price target on ServiceNow from $510.00 to $620.00 in a research report on Monday. Morgan Stanley lowered their price objective on ServiceNow from $612.00 to $586.00 in a research note on Tuesday, May 9th. UBS Group boosted their price objective on ServiceNow from $465.00 to $545.00 and gave the company a “buy” rating in a report on Friday, April 14th. Finally, Jefferies Financial Group upped their price target on ServiceNow from $500.00 to $525.00 in a report on Thursday, April 27th. Two investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $556.32.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 69 shares of ServiceNow stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $453.30, for a total value of $31,277.70. Following the sale, the general counsel now directly owns 4,047 shares in the company, valued at approximately $1,834,505.10. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, General Counsel Russell S. Elmer sold 69 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $453.30, for a total value of $31,277.70. Following the completion of the transaction, the general counsel now owns 4,047 shares in the company, valued at $1,834,505.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 386 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $553.00, for a total value of $213,458.00. Following the completion of the sale, the chief financial officer now owns 6,971 shares of the company’s stock, valued at approximately $3,854,963. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,101 shares of company stock valued at $16,282,198. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mach 1 Financial Group LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at about $18,589,000. Graham Capital Wealth Management LLC acquired a new position in ServiceNow in the first quarter valued at $218,418,000. High Net Worth Advisory Group LLC acquired a new stake in shares of ServiceNow during the first quarter worth about $29,000. Barrett & Company Inc. acquired a new stake in shares of ServiceNow during the first quarter worth about $28,000. Finally, Larson Financial Group LLC raised its holdings in ServiceNow by 153.8% during the first quarter. Larson Financial Group LLC now owns 66 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 86.72% of the company’s stock.

ServiceNow Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.27. The stock’s fifty day simple moving average is $542.36 and its 200-day simple moving average is $477.28. The company has a market capitalization of $122.91 billion, a PE ratio of 307.78, a PEG ratio of 7.42 and a beta of 1.01.

ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings results on Wednesday, April 26th. The information technology services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.37. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. ServiceNow had a net margin of 5.25% and a return on equity of 10.18%. On average, research analysts predict that ServiceNow, Inc. will post 3.17 earnings per share for the current fiscal year.

ServiceNow Company Profile

(Get Free Report)

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.