Royal Bank of Canada Increases ServiceNow (NYSE:NOW) Price Target to $285.00

ServiceNow (NYSE:NOW) had its price target boosted by Royal Bank of Canada to $285.00 in a report issued on Tuesday, May 7th, The Fly reports. Royal Bank of Canada currently has a top pick rating on the information technology services provider’s stock.

A number of other equities analysts have also commented on NOW. Piper Jaffray Companies boosted their target price on shares of ServiceNow from $230.00 to $260.00 and gave the stock an overweight rating in a research report on Thursday, April 18th. Barclays boosted their target price on shares of ServiceNow from $235.00 to $270.00 and gave the stock an overweight rating in a research report on Friday, April 12th. JMP Securities boosted their target price on shares of ServiceNow from $225.00 to $280.00 and gave the stock a market outperform rating in a research report on Thursday, April 25th. Cowen boosted their target price on shares of ServiceNow from $260.00 to $280.00 and gave the stock an outperform rating in a research report on Thursday, April 25th. Finally, Credit Suisse Group boosted their target price on shares of ServiceNow from $225.00 to $280.00 and gave the stock an outperform rating in a research report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $268.24.

Shares of NYSE:NOW traded down $0.67 during trading on Tuesday, reaching $261.93. The stock had a trading volume of 1,118,300 shares, compared to its average volume of 1,950,738. ServiceNow has a 52 week low of $147.63 and a 52 week high of $281.74. The firm has a market cap of $49.01 billion, a price-to-earnings ratio of 1,309.65, a P/E/G ratio of 19.48 and a beta of 1.45. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.88.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.10. ServiceNow had a negative net margin of 1.38% and a positive return on equity of 1.64%. The company had revenue of $788.93 million for the quarter, compared to analyst estimates of $768.09 million. During the same quarter last year, the firm posted $0.56 earnings per share. The company’s quarterly revenue was up 33.9% compared to the same quarter last year. Research analysts predict that ServiceNow will post 0.48 EPS for the current fiscal year.

In other news, insider Patricia L. Wadors sold 1,559 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $263.61, for a total value of $410,967.99. Following the sale, the insider now owns 3,093 shares in the company, valued at approximately $815,345.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Schneider sold 3,259 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $241.37, for a total transaction of $786,624.83. Following the completion of the sale, the insider now owns 54,346 shares in the company, valued at approximately $13,117,494.02. The disclosure for this sale can be found here. Insiders have sold 118,944 shares of company stock worth $30,364,169 in the last quarter. Corporate insiders own 1.00% of the company’s stock.

Large investors have recently modified their holdings of the company. Financial Gravity Wealth Inc. acquired a new position in ServiceNow during the 1st quarter worth about $25,000. We Are One Seven LLC acquired a new position in ServiceNow during the 4th quarter worth about $27,000. Sandy Spring Bank lifted its position in ServiceNow by 118.0% during the 1st quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock worth $27,000 after buying an additional 59 shares in the last quarter. Claybrook Capital LLC acquired a new position in ServiceNow during the 4th quarter worth about $28,000. Finally, Shine Investment Advisory Services Inc. lifted its position in ServiceNow by 50.5% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 167 shares of the information technology services provider’s stock worth $30,000 after buying an additional 56 shares in the last quarter. Institutional investors own 93.09% of the company’s stock.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

Read More: Dead Cat Bounce

The Fly

Analyst Recommendations for ServiceNow (NYSE:NOW)

Receive News & Ratings for ServiceNow Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ServiceNow and related companies with MarketBeat.com's FREE daily email newsletter.