ServiceNow (NYSE:NOW) Given New $550.00 Price Target at Wells Fargo & Company

ServiceNow (NYSE:NOW – Get Rating) had its price objective reduced by analysts at Wells Fargo & Company from $600.00 to $550.00 in a note issued to investors on Monday, The Fly reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 30.08% from the stock’s current price.

Several other brokerages also recently weighed in on NOW. TheStreet downgraded ServiceNow from a “b-” rating to a “c+” rating in a research report on Tuesday, April 26th. Credit Suisse Group cut their price objective on ServiceNow from $800.00 to $700.00 in a research note on Thursday, April 28th. BNP Paribas cut ServiceNow from a “neutral” rating to an “underperform” rating and set a $460.00 price target on the stock. in a research report on Tuesday, March 29th. Sanford C. Bernstein assumed coverage on ServiceNow in a research report on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 target price on the stock. Finally, Cowen decreased their price target on ServiceNow from $695.00 to $590.00 and set an “outperform” rating for the company in a research note on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $623.19.

ServiceNow Stock Performance

ServiceNow stock opened at $422.82 on Monday. The firm has a market capitalization of $84.76 billion, a P/E ratio of 384.38, a PEG ratio of 9.08 and a beta of 1.03. The stock has a fifty day moving average price of $462.42 and a 200 day moving average price of $508.17. ServiceNow has a 52 week low of $406.47 and a 52 week high of $707.60. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37.

ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, April 27th. The information technology services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.34 by $0.13. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The business’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. Equities research analysts anticipate that ServiceNow will post 1.71 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, Director Teresa Briggs sold 932 shares of the firm’s stock in a transaction that occurred on Friday, April 29th. The shares were sold at an average price of $490.26, for a total value of $456,922.32. Following the sale, the director now owns 707 shares in the company, valued at $346,613.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Teresa Briggs sold 932 shares of ServiceNow stock in a transaction on Friday, April 29th. The shares were sold at an average price of $490.26, for a total transaction of $456,922.32. Following the completion of the transaction, the director now owns 707 shares of the company’s stock, valued at $346,613.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Chirantan Jitendra Desai sold 7,000 shares of ServiceNow stock in a transaction on Friday, May 27th. The stock was sold at an average price of $477.52, for a total transaction of $3,342,640.00. Following the transaction, the chief operating officer now directly owns 38,980 shares of the company’s stock, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,577 shares of company stock worth $8,503,327. Corporate insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently bought and sold shares of the company. Walleye Capital LLC grew its holdings in ServiceNow by 54.8% in the fourth quarter. Walleye Capital LLC now owns 7,084 shares of the information technology services provider’s stock worth $4,598,000 after purchasing an additional 2,507 shares during the period. Exane Derivatives grew its holdings in ServiceNow by 7.0% in the first quarter. Exane Derivatives now owns 1,447 shares of the information technology services provider’s stock worth $806,000 after purchasing an additional 95 shares during the period. Amalgamated Bank grew its holdings in ServiceNow by 13.9% in the fourth quarter. Amalgamated Bank now owns 50,259 shares of the information technology services provider’s stock worth $32,624,000 after purchasing an additional 6,128 shares during the period. RPG Investment Advisory LLC grew its holdings in ServiceNow by 0.3% in the fourth quarter. RPG Investment Advisory LLC now owns 10,418 shares of the information technology services provider’s stock worth $6,762,000 after purchasing an additional 35 shares during the period. Finally, Morningstar Investment Services LLC acquired a new stake in ServiceNow in the fourth quarter worth $289,000. Institutional investors own 87.20% of the company’s stock.

About ServiceNow

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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.