ServiceNow (NYSE:NOW) Given New $613.00 Price Target at KeyCorp

ServiceNow (NYSE:NOWGet Rating) had its target price cut by equities researchers at KeyCorp from $692.00 to $613.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. KeyCorp’s price target would indicate a potential upside of 30.04% from the stock’s previous close.

Several other brokerages have also recently commented on NOW. Oppenheimer reduced their price objective on shares of ServiceNow from $775.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, January 27th. Citigroup dropped their target price on shares of ServiceNow from $675.00 to $623.00 and set a “buy” rating for the company in a research report on Tuesday, April 19th. Barclays lowered their price objective on shares of ServiceNow from $680.00 to $652.00 and set an “overweight” rating for the company in a report on Thursday, January 27th. Bank of America lowered their price objective on shares of ServiceNow from $725.00 to $680.00 and set a “buy” rating for the company in a report on Thursday, January 27th. Finally, BNP Paribas lowered shares of ServiceNow from a “neutral” rating to an “underperform” rating and set a $460.00 price objective for the company. in a report on Tuesday, March 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $678.60.

Shares of NYSE:NOW opened at $471.40 on Monday. The company has a 50 day moving average of $546.73 and a 200 day moving average of $597.58. The stock has a market cap of $94.28 billion, a P/E ratio of 413.51, a P/E/G ratio of 9.42 and a beta of 1.04. ServiceNow has a 12 month low of $448.27 and a 12 month high of $707.60. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.40.

ServiceNow (NYSE:NOWGet Rating) last issued its quarterly earnings data on Wednesday, January 26th. The information technology services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.22 by $0.07. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. ServiceNow had a net margin of 3.90% and a return on equity of 9.43%. During the same quarter in the previous year, the company earned $0.16 earnings per share. On average, equities analysts forecast that ServiceNow will post 1.85 earnings per share for the current fiscal year.

In other news, CFO Gina Mastantuono sold 2,102 shares of the company’s stock in a transaction dated Tuesday, February 8th. The shares were sold at an average price of $564.20, for a total value of $1,185,948.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $556.81, for a total transaction of $3,674,946.00. Following the completion of the sale, the director now directly owns 707 shares in the company, valued at $393,664.67. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,141 shares of company stock worth $18,355,758. Insiders own 0.35% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. CLARET ASSET MANAGEMENT Corp purchased a new stake in shares of ServiceNow in the 3rd quarter worth about $204,000. Public Sector Pension Investment Board grew its position in shares of ServiceNow by 7.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 33,410 shares of the information technology services provider’s stock worth $20,790,000 after buying an additional 2,460 shares during the period. DNB Asset Management AS grew its position in ServiceNow by 6.7% during the 4th quarter. DNB Asset Management AS now owns 32,989 shares of the information technology services provider’s stock valued at $21,413,000 after purchasing an additional 2,085 shares during the last quarter. Lloyd Advisory Services LLC. grew its position in ServiceNow by 22.5% during the 4th quarter. Lloyd Advisory Services LLC. now owns 125 shares of the information technology services provider’s stock valued at $81,000 after purchasing an additional 23 shares during the last quarter. Finally, Zacks Investment Management grew its position in ServiceNow by 1,453.0% during the 3rd quarter. Zacks Investment Management now owns 13,511 shares of the information technology services provider’s stock valued at $8,408,000 after purchasing an additional 12,641 shares during the last quarter. 86.63% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow (Get Rating)

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

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