Fintel reports that on March 21, 2024, Keybanc initiated coverage of ServiceNow (NYSE:NOW) with a Overweight recommendation.

Analyst Price Forecast Suggests 11.81% Upside

As of March 11, 2024, the average one-year price target for ServiceNow is 864.50. The forecasts range from a low of 707.00 to a high of $955.50. The average price target represents an increase of 11.81% from its latest reported closing price of 773.18.

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The projected annual revenue for ServiceNow is 10,981MM, an increase of 22.41%. The projected annual non-GAAP EPS is 11.59.

What is the Fund Sentiment?

There are 2936 funds or institutions reporting positions in ServiceNow. This is an increase of 228 owner(s) or 8.42% in the last quarter. Average portfolio weight of all funds dedicated to NOW is 0.71%, an increase of 4.86%. Total shares owned by institutions increased in the last three months by 0.68% to 212,279K shares. The put/call ratio of NOW is 1.23, indicating a bearish outlook.

What are Other Shareholders Doing?

Price T Rowe Associates holds 8,479K shares representing 4.14% ownership of the company. In it's prior filing, the firm reported owning 8,938K shares, representing a decrease of 5.41%. The firm increased its portfolio allocation in NOW by 9.94% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,432K shares representing 3.14% ownership of the company. In it's prior filing, the firm reported owning 6,350K shares, representing an increase of 1.28%. The firm increased its portfolio allocation in NOW by 14.41% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 5,008K shares representing 2.44% ownership of the company. In it's prior filing, the firm reported owning 4,902K shares, representing an increase of 2.11%. The firm increased its portfolio allocation in NOW by 14.06% over the last quarter.

Jpmorgan Chase holds 4,038K shares representing 1.97% ownership of the company. In it's prior filing, the firm reported owning 2,172K shares, representing an increase of 46.21%. The firm increased its portfolio allocation in NOW by 104.61% over the last quarter.

Capital International Investors holds 3,974K shares representing 1.94% ownership of the company. In it's prior filing, the firm reported owning 4,003K shares, representing a decrease of 0.73%. The firm increased its portfolio allocation in NOW by 10.85% over the last quarter.

ServiceNow Background Information
(This description is provided by the company.)

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.