ServiceNow (NYSE:NOW) Shares Gap Down After Analyst Downgrade

ServiceNow, Inc. (NYSE:NOWGet Rating) gapped down prior to trading on Thursday after Cowen lowered their price target on the stock from $590.00 to $580.00. The stock had previously closed at $448.60, but opened at $418.02. Cowen currently has an outperform rating on the stock. ServiceNow shares last traded at $429.30, with a volume of 26,937 shares trading hands.

A number of other analysts have also weighed in on the stock. Credit Suisse Group cut their target price on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Thursday. KeyCorp dropped their price objective on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating on the stock in a research report on Thursday. Citigroup decreased their price objective on shares of ServiceNow from $600.00 to $575.00 and set a “buy” rating for the company in a research report on Thursday. JMP Securities lowered their target price on shares of ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a research note on Thursday. Finally, Sanford C. Bernstein began coverage on ServiceNow in a research note on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $589.90.

Insider Activity

In related news, Director Frederic B. Luddy sold 707 shares of the stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total transaction of $354,857.44. Following the completion of the sale, the director now directly owns 660 shares of the company’s stock, valued at $331,267.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other ServiceNow news, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $446.04, for a total value of $55,755.00. Following the sale, the insider now owns 1,446 shares of the company’s stock, valued at approximately $644,973.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederic B. Luddy sold 707 shares of the stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total value of $354,857.44. Following the transaction, the director now directly owns 660 shares of the company’s stock, valued at $331,267.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,150 shares of company stock valued at $7,804,261. Company insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Chilton Capital Management LLC purchased a new position in ServiceNow in the fourth quarter valued at about $25,000. OLD Second National Bank of Aurora acquired a new position in ServiceNow during the first quarter worth $28,000. High Net Worth Advisory Group LLC purchased a new stake in ServiceNow during the first quarter worth $29,000. AHL Investment Management Inc. acquired a new stake in ServiceNow in the fourth quarter valued at $35,000. Finally, Lee Financial Co increased its position in shares of ServiceNow by 671.4% in the fourth quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 47 shares in the last quarter. Institutional investors and hedge funds own 87.20% of the company’s stock.

ServiceNow Stock Up 2.3 %

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $463.62 and a 200-day moving average price of $505.90. The firm has a market cap of $89.54 billion, a price-to-earnings ratio of 406.05, a P/E/G ratio of 8.94 and a beta of 1.03.

ServiceNow (NYSE:NOWGet Rating) last posted its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.09. ServiceNow had a net margin of 3.56% and a return on equity of 8.66%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 24.3% on a year-over-year basis. On average, equities analysts forecast that ServiceNow, Inc. will post 1.71 EPS for the current year.

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.

See Also

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.