ServiceNow (NYSE:NOW) Stock Price Down 6.6% After Analyst Downgrade

ServiceNow, Inc. (NYSE:NOW) shares traded down 6.6% during mid-day trading on Thursday after KeyCorp lowered their price target on the stock from $1,000.00 to $950.00. KeyCorp currently has an overweight rating on the stock. ServiceNow traded as low as $689.00 and last traded at $696.86. 1,380,634 shares changed hands during trading, an increase of 16% from the average session volume of 1,187,097 shares. The stock had previously closed at $746.29.

A number of other analysts also recently weighed in on the stock. BMO Capital Markets decreased their price target on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a research report on Thursday. William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Thursday. Robert W. Baird raised their price target on shares of ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Truist Financial raised their price target on shares of ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Finally, Citigroup raised their price target on shares of ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued 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 $782.85.

Insider Activity

In other news, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the transaction, the insider now owns 994 shares of the company’s stock, valued at $776,373.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the sale, the insider now owns 994 shares in the company, valued at $776,373.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of NOW. PFG Private Wealth Management LLC bought a new stake in ServiceNow in the third quarter worth about $28,000. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow in the 4th quarter worth about $29,000. AdvisorNet Financial Inc increased its stake in ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares in the last quarter. Steward Financial Group LLC increased its stake in ServiceNow by 125.0% in the 3rd quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 35 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in ServiceNow in the 3rd quarter worth about $35,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

The stock has a 50 day moving average of $760.05 and a two-hundred day moving average of $706.80. The stock has a market cap of $147.10 billion, a PE ratio of 85.17, a PEG ratio of 4.68 and a beta of 0.97. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. ServiceNow’s revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. Equities analysts anticipate that ServiceNow, Inc. will post 6.16 EPS for the current year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.