Barclays Lowers ServiceNow (NYSE:NOW) Price Target to $495.00

ServiceNow (NYSE:NOW – Get Rating) had its target price decreased by Barclays from $560.00 to $495.00 in a report released on Thursday morning, The Fly reports. Barclays currently has an overweight rating on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Stifel Nicolaus cut their target price on shares of ServiceNow from $650.00 to $550.00 in a research report on Wednesday, May 25th. Cowen lowered their price target on shares of ServiceNow from $695.00 to $590.00 and set a maintains rating for the company in a report on Friday, July 22nd. Morgan Stanley lowered their price target on shares of ServiceNow from $594.00 to $575.00 and set an overweight rating for the company in a report on Thursday, July 14th. StockNews.com started coverage on shares of ServiceNow in a report on Thursday, March 31st. They set a hold rating for the company. Finally, Citigroup lowered their price target on shares of ServiceNow from $600.00 to $575.00 and set a buy rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $589.90.

ServiceNow Stock Performance

Shares of NOW opened at $446.66 on Thursday. 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 stock has a market cap of $89.54 billion, a P/E ratio of 406.05, a PEG ratio of 8.94 and a beta of 1.03. The company has a 50-day moving average of $463.62 and a two-hundred day moving average of $505.32. ServiceNow has a 12-month low of $406.47 and a 12-month high of $707.60.

ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a net margin of 3.56% and a return on equity of 8.66%. The firm’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 earnings per share. As a group, research analysts predict that ServiceNow will post 1.71 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Director Frederic B. Luddy sold 707 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $501.92, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the sale, the director now directly owns 33,600 shares of the company’s stock, valued at $16,699,536. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 707 shares of the company’s stock in a transaction on Wednesday, June 8th. The shares were 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 in the company, valued at $331,267.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,150 shares of company stock valued at $7,804,261. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors have recently added to or reduced their stakes in the stock. Cavalier Investments LLC raised its holdings in ServiceNow by 0.7% in the fourth quarter. Cavalier Investments LLC now owns 2,475 shares of the information technology services provider’s stock valued at $1,607,000 after acquiring an additional 18 shares in the last quarter. SevenOneSeven Capital Management grew its position in shares of ServiceNow by 3.0% during the fourth quarter. SevenOneSeven Capital Management now owns 621 shares of the information technology services provider’s stock worth $403,000 after acquiring an additional 18 shares during the last quarter. Means Investment CO. Inc. grew its position in shares of ServiceNow by 0.6% during the fourth quarter. Means Investment CO. Inc. now owns 2,842 shares of the information technology services provider’s stock worth $1,845,000 after acquiring an additional 18 shares during the last quarter. Rehmann Capital Advisory Group grew its position in ServiceNow by 1.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,316 shares of the information technology services provider’s stock valued at $854,000 after buying an additional 18 shares in the last quarter. Finally, Financial Architects Inc grew its position in ServiceNow by 5.9% in the 1st quarter. Financial Architects Inc now owns 378 shares of the information technology services provider’s stock valued at $211,000 after buying an additional 21 shares in the last quarter. 87.20% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

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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.