JPMorgan Chase & Co. Cuts ServiceNow (NYSE:NOW) Price Target to $970.00

ServiceNow (NYSE:NOW) had its price objective decreased by JPMorgan Chase & Co. from $1,200.00 to $970.00 in a research note published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider’s stock.

A number of other analysts have also recently issued reports on NOW. Morgan Stanley lowered their price objective on ServiceNow from $960.00 to $881.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Guggenheim restated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, April 16th. Truist Financial decreased their target price on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Bank of America dropped their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, BMO Capital Markets decreased their price target on ServiceNow from $990.00 to $950.00 and set an “outperform” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,032.94.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $939.76 on Tuesday. 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 $194.53 billion, a PE ratio of 137.59, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm has a fifty day moving average price of $839.67 and a two-hundred day moving average price of $967.34. ServiceNow has a fifty-two week low of $637.99 and a fifty-two 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 for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock valued at $19,853,273 over the last three months. Company insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after acquiring an additional 190,430 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC raised its holdings in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after buying an additional 272,506 shares during the period. Geode Capital Management LLC lifted its stake in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the period. 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.