ServiceNow (NYSE:NOW) Price Target Cut to $1,100.00 by Analysts at Wells Fargo & Company

ServiceNow (NYSE:NOW) had its price target trimmed by Wells Fargo & Company from $1,250.00 to $1,100.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Other equities research analysts also recently issued reports about the company. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Robert W. Baird decreased their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Piper Sandler boosted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Mizuho cut their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 target price 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 assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,068.76.

ServiceNow Stock Performance

ServiceNow stock opened at $800.18 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $165.64 billion, a P/E ratio of 117.16, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm’s 50 day simple moving average is $870.99 and its 200-day simple moving average is $973.31.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities research analysts predict that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in the stock. Parisi Gray Wealth Management raised its holdings in ServiceNow by 8.8% in the 1st quarter. Parisi Gray Wealth Management now owns 357 shares of the information technology services provider’s stock valued at $285,000 after acquiring an additional 29 shares in the last quarter. Panoramic Capital Partners LLC increased its position in shares of ServiceNow by 19.9% during the first quarter. Panoramic Capital Partners LLC now owns 332 shares of the information technology services provider’s stock valued at $242,000 after purchasing an additional 55 shares during the period. Octavia Wealth Advisors LLC raised its stake in shares of ServiceNow by 16.1% in the first quarter. Octavia Wealth Advisors LLC now owns 289 shares of the information technology services provider’s stock valued at $230,000 after purchasing an additional 40 shares in the last quarter. Pallas Capital Advisors LLC lifted its position in ServiceNow by 58.3% in the first quarter. Pallas Capital Advisors LLC now owns 3,225 shares of the information technology services provider’s stock worth $2,568,000 after purchasing an additional 1,188 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in ServiceNow by 112.6% during the first quarter. Farther Finance Advisors LLC now owns 7,171 shares of the information technology services provider’s stock worth $5,820,000 after buying an additional 3,798 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.