ServiceNow (NYSE:NOW) Price Target Cut to $875.00

ServiceNow (NYSE:NOW) had its price target cut by analysts at UBS Group from $920.00 to $875.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. UBS Group’s target price would suggest a potential upside of 23.86% from the company’s current price.

Several other analysts have also issued reports on NOW. Robert W. Baird upped their target price on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Jefferies Financial Group upped their price objective on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Oppenheimer upped their price objective on ServiceNow from $750.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Guggenheim reaffirmed a “neutral” rating on shares of ServiceNow in a research report on Monday, April 15th. Finally, Piper Sandler upped their target price on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $777.96.

ServiceNow Stock Down 5.3 %

Shares of ServiceNow stock traded down $39.82 during trading on Thursday, reaching $706.47. The stock had a trading volume of 1,894,463 shares, compared to its average volume of 1,194,067. The company has a market capitalization of $145.09 billion, a price-to-earnings ratio of 83.68, a P/E/G ratio of 4.68 and a beta of 0.97. The stock has a fifty day moving average price of $761.32 and a two-hundred day moving average price of $706.74. ServiceNow has a 52 week low of $427.68 and a 52 week high of $815.32. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. Sell-side analysts predict that ServiceNow will post 6.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the sale, the insider now owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock valued at $9,940,303 in the last three months. Insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several large investors have recently made changes to their positions in NOW. Impact Partnership Wealth LLC grew its stake in shares of ServiceNow by 672.7% in the 3rd quarter. Impact Partnership Wealth LLC now owns 85 shares of the information technology services provider’s stock valued at $48,000 after buying an additional 74 shares during the period. Galvin Gaustad & Stein LLC grew its stake in shares of ServiceNow by 33.3% in the 3rd quarter. Galvin Gaustad & Stein LLC now owns 800 shares of the information technology services provider’s stock valued at $447,000 after buying an additional 200 shares during the period. Oak Thistle LLC acquired a new position in ServiceNow during the 3rd quarter valued at about $1,115,000. Asset Management One Co. Ltd. boosted its stake in ServiceNow by 4.9% during the 3rd quarter. Asset Management One Co. Ltd. now owns 99,412 shares of the information technology services provider’s stock valued at $55,567,000 after purchasing an additional 4,630 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in ServiceNow by 3.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 59,360 shares of the information technology services provider’s stock valued at $33,180,000 after purchasing an additional 1,904 shares during the last quarter. 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.