ServiceNow (NYSE:NOW) Price Target Cut to $830.00

ServiceNow (NYSE:NOW) had its price target lowered by equities research analysts at BMO Capital Markets from $850.00 to $830.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 14.81% from the company’s current price.

NOW has been the topic of a number of other research reports. Jefferies Financial Group lifted their target price on shares of ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. JMP Securities reissued a “market outperform” rating and issued a $825.00 target price on shares of ServiceNow in a research report on Tuesday. Piper Sandler raised their target price on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Tuesday, April 16th. Finally, Citigroup raised their price objective on ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Four analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $782.85.

ServiceNow Price Performance

NOW opened at $722.94 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $148.48 billion, a PE ratio of 77.32, a price-to-earnings-growth ratio of 4.72 and a beta of 0.97. The stock’s 50 day moving average price is $759.21 and its 200-day moving average price is $707.90. ServiceNow has a 52-week low of $427.68 and a 52-week high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 20.34% and a return on equity of 14.00%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow will post 6.16 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the transaction, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock worth $9,940,303 over the last quarter. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after purchasing an additional 122,577 shares during the period. FMR LLC grew its stake in shares of ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after acquiring an additional 595,697 shares during the period. Jennison Associates LLC increased its holdings in ServiceNow by 2.2% in the 4th quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after acquiring an additional 53,719 shares in the last quarter. Norges Bank bought a new stake in ServiceNow during the 4th quarter worth approximately $1,648,259,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after purchasing an additional 81,028 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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.