BMO Capital Markets Issues Pessimistic Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price decreased by stock analysts at BMO Capital Markets from $990.00 to $950.00 in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ price target indicates a potential upside of 16.43% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Robert W. Baird cut their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Needham & Company LLC raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Morgan Stanley lowered their price target on shares of ServiceNow from $960.00 to $881.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Scotiabank cut their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Finally, Stifel Nicolaus decreased their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,021.43.

ServiceNow Trading Up 6.4 %

Shares of NOW stock opened at $815.92 on Tuesday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $168.90 billion, a P/E ratio of 119.46, a PEG ratio of 4.51 and a beta of 1.08. The stock’s fifty day moving average is $840.59 and its two-hundred day moving average is $967.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $3.78 by ($1.47). ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,250 shares of company stock worth $19,853,273. Company insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

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

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.