ServiceNow (NYSE:NOW) Shares Up 2.3% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) shot up 2.3% on Monday . The company traded as high as $1,033.10 and last traded at $1,031.00. 341,506 shares traded hands during trading, a decline of 79% from the average session volume of 1,635,746 shares. The stock had previously closed at $1,008.29.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NOW shares. JPMorgan Chase & Co. lifted their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Robert W. Baird reduced their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Canaccord Genuity Group upped their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Evercore ISI raised their price objective on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Down 2.7 %

The stock has a market cap of $202.17 billion, a PE ratio of 143.69, a P/E/G ratio of 4.76 and a beta of 0.99. The business has a 50 day moving average price of $1,078.82 and a 200 day moving average price of $969.48. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow announced that its board has approved a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, insider Kevin Thomas Mcbride sold 100 shares of ServiceNow stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $102,397.00. Following the sale, the insider now owns 3,457 shares in the company, valued at $3,539,864.29. This trade represents a 2.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,077,066.58. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,224 shares of company stock valued at $25,593,525. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of ServiceNow by 14.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock worth $652,000 after purchasing an additional 94 shares in the last quarter. Procyon Advisors LLC boosted its stake in ServiceNow by 83.7% during the 3rd quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock worth $1,788,000 after purchasing an additional 912 shares during the last quarter. Fiduciary Alliance LLC grew its holdings in shares of ServiceNow by 31.4% during the third quarter. Fiduciary Alliance LLC now owns 427 shares of the information technology services provider’s stock worth $382,000 after buying an additional 102 shares in the last quarter. CX Institutional grew its holdings in shares of ServiceNow by 1.2% during the third quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after buying an additional 13 shares in the last quarter. Finally, Wesbanco Bank Inc. raised its position in shares of ServiceNow by 40.8% in the third quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock valued at $327,000 after buying an additional 106 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.