TD Cowen Lowers ServiceNow (NYSE:NOW) Price Target to $230.00

ServiceNow (NYSE:NOW) had its target price cut by equities researchers at TD Cowen from $250.00 to $230.00 in a report released on Friday,MarketScreener reports. The firm presently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s target price indicates a potential upside of 49.43% from the company’s current price.

NOW has been the topic of a number of other reports. DA Davidson set a $220.00 price target on ServiceNow and gave the company a “buy” rating in a report on Tuesday, December 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $240.00 price objective on shares of ServiceNow in a research report on Monday, October 27th. Macquarie assumed coverage on shares of ServiceNow in a research report on Tuesday, November 25th. They set a “neutral” rating and a $172.00 target price for the company. Citigroup boosted their price target on shares of ServiceNow from $246.80 to $250.60 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $224.00 price objective on shares of ServiceNow in a research report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $223.53.

ServiceNow Trading Up 0.9%

ServiceNow stock opened at $153.92 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.06. ServiceNow has a fifty-two week low of $135.73 and a fifty-two week high of $239.62. The stock has a market cap of $159.83 billion, a P/E ratio of 93.06, a PEG ratio of 3.20 and a beta of 0.97. The firm’s fifty day moving average price is $169.29 and its 200-day moving average price is $181.63.

Insider Activity at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $161.60, for a total value of $242,400.00. Following the transaction, the director owned 47,930 shares in the company, valued at approximately $7,745,488. The trade was a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 2,085 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $161.60, for a total value of $336,936.00. Following the completion of the sale, the chief financial officer directly owned 63,215 shares of the company’s stock, valued at approximately $10,215,544. This trade represents a 3.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,310 shares of company stock worth $2,533,585 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently bought and sold shares of the stock. Kilter Group LLC bought a new stake in ServiceNow during the 2nd quarter valued at $25,000. IAG Wealth Partners LLC increased its position in shares of ServiceNow by 200.0% in the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 18 shares during the period. Bogart Wealth LLC raised its stake in shares of ServiceNow by 93.8% during the third quarter. Bogart Wealth LLC now owns 31 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 15 shares during the last quarter. Wealth Watch Advisors INC purchased a new stake in shares of ServiceNow during the third quarter worth about $29,000. Finally, Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow during the second quarter worth about $30,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.