Raymond James Cuts ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its target price reduced by Raymond James from $1,200.00 to $1,000.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Raymond James currently has an outperform rating on the information technology services provider’s stock.

Several other analysts have also issued reports on NOW. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Stifel Nicolaus lowered their price target on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Citigroup cut their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,073.93.

ServiceNow Trading Down 5.1 %

Shares of NYSE:NOW opened at $784.01 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s 50-day moving average is $880.00 and its 200-day moving average is $973.99. The company has a market cap of $161.51 billion, a P/E ratio of 114.79, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has initiated a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last three months. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new position in ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow in the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the fourth quarter worth $34,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.