ServiceNow, Inc. has garnered an average rating of “Moderate Buy” from the twenty-seven brokerages currently covering the company, according to a report by Marketbeat. Out of the analysts, one has given a sell rating, two have assigned a hold rating, and twenty-four have issued a buy rating on the stock. The average 12-month price objective among these analysts is $923.00.
Several recent reports from analysts have shed light on ServiceNow’s performance. JMP Securities raised their target price on the stock from $850.00 to $1,000.00 and labeled it as a “market outperform” in their research note on October 17th. Stifel Nicolaus also increased their target price from $820.00 to $900.00 and maintained a “buy” rating on July 25th. Conversely, Guggenheim reiterated a “sell” rating with a target price of $640.00 on July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a price target of $900.00 on September 9th. Lastly, Piper Sandler raised their price objective from $830.00 to $850.00 and gave the stock an “overweight” rating on July 25th.
In terms of financial performance, ServiceNow reported earnings per share of $3.13 for the quarter ending on July 24th, surpassing the consensus estimate of $2.85 by $0.28. The company’s return on equity stood at 14.52%, with a net margin of 11.51%. ServiceNow generated $2.63 billion in revenue during the quarter, exceeding analysts’ expectations of $2.61 billion. Compared to the same period last year, the company’s quarterly revenue increased by 22.2%. Analysts predict that ServiceNow will post earnings per share of 6.78 for the current year.
Regarding insider trading, Jacqueline P. Canney, an insider at ServiceNow, sold 353 shares of the company’s stock on October 16th at an average price of $924.96, resulting in a total value of $326,510.88. Following this transaction, Canney now holds 3,027 shares in the company, valued at $2,799,853.92. Additionally, CFO Gina Mastantuono sold 1,800 shares on July 25th at an average price of $825.00, totaling $1,485,000.00. Mastantuono currently owns 11,490 shares valued at approximately $9,479,250. In the last 90 days, insiders have sold a total of 7,267 shares, amounting to $5,935,447. Company insiders now own 0.25% of ServiceNow’s stock.
Hedge funds and other institutional investors have also made moves in relation to ServiceNow. Creekmur Asset Management LLC acquired a new stake in the company during the first quarter, while Versant Capital Management Inc increased their holdings by 466.7% in the second quarter. EntryPoint Capital LLC, Ridgewood Investments LLC, and TFC Financial Management Inc. are among the other institutional investors that have either added to or reduced their positions in ServiceNow.