ServiceNow (NYSE:NOW) Price Target Lowered to $1,426.00 at Citigroup

ServiceNow (NYSE:NOW) had its price objective cut by Citigroup from $1,432.00 to $1,426.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

A number of other equities analysts have also recently weighed in on the company. Sanford C. Bernstein upped their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Oppenheimer lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Scotiabank started coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective for the company. Finally, StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. One 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Down 1.1 %

Shares of NOW stock opened at $1,010.15 on Tuesday. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a market cap of $208.09 billion, a P/E ratio of 147.90, a P/E/G ratio of 4.74 and a beta of 0.99. The stock has a 50 day moving average of $1,083.05 and a 200 day moving average of $959.36. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. As a group, sell-side analysts expect that ServiceNow will post 8.94 EPS for the current year.

ServiceNow declared that its board has approved a share repurchase program 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now owns 42,920 shares in the company, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the business. Polymer Capital Management HK LTD increased its holdings in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the fourth quarter worth about $48,802,000. Avidian Wealth Enterprises LLC increased its stake in shares of ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares during the period. Venturi Wealth Management LLC lifted its stake in ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after acquiring an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. acquired a new position in ServiceNow during the 4th quarter worth approximately $105,090,000. Institutional investors and hedge funds 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.