ServiceNow (NYSE:NOW) Reaches New 52-Week High at $866.40

Shares of ServiceNow, Inc. (NYSE:NOW) reached a new 52-week high on Tuesday . The stock traded as high as $866.40 and last traded at $858.56, with a volume of 32639 shares trading hands. The stock had previously closed at $855.58.

Analyst Ratings Changes

Several research firms recently commented on NOW. Piper Sandler upped their price target on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Truist Financial raised their price target on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a report on Tuesday, July 23rd. Finally, KeyCorp decreased their target price on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Price Performance

The stock has a market cap of $176.15 billion, a PE ratio of 91.51, a price-to-earnings-growth ratio of 4.95 and a beta of 0.98. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The company’s fifty day moving average is $800.67 and its 200 day moving average is $763.57.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the prior year, the company earned $0.77 EPS. The firm’s revenue was up 22.2% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the transaction, the insider now owns 3,779 shares in the company, valued at $3,006,496.82. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock worth $5,608,936 in the last 90 days. 0.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares in the last quarter. Norges Bank purchased a new stake in shares of ServiceNow during the 4th quarter worth about $1,648,259,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of ServiceNow by 18.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock worth $1,239,198,000 after purchasing an additional 271,153 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after buying an additional 34,855 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in ServiceNow by 7.5% during the fourth quarter. Fisher Asset Management LLC now owns 1,448,448 shares of the information technology services provider’s stock worth $1,023,315,000 after purchasing an additional 101,485 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

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.