ServiceNow (NYSE:NOW) Price Target Cut to $830.00

ServiceNow (NYSE:NOW) had its price target reduced by equities researchers at BMO Capital Markets from $850.00 to $830.00 in a research note issued to investors on Thursday, Briefing.com reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 11.20% from the company’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler raised their target price on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. Jefferies Financial Group raised their target price on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Citigroup raised their target price on ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. JMP Securities restated a “market outperform” rating and set a $825.00 target price on shares of ServiceNow in a research note on Tuesday. Finally, Royal Bank of Canada increased their price target on shares of ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” 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’s stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $779.63.

ServiceNow Stock Up 0.7 %

Shares of NYSE NOW opened at $746.39 on Thursday. ServiceNow has a 12-month low of $427.68 and a 12-month high of $815.32. The company has a market cap of $153.29 billion, a P/E ratio of 88.75, a P/E/G ratio of 4.68 and a beta of 0.97. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average price of $761.32 and a 200 day moving average price of $706.74.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares in the company, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were 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 owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NOW. PFG Private Wealth Management LLC acquired a new position in shares of ServiceNow during the third quarter valued at approximately $28,000. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $29,000. AdvisorNet Financial Inc increased its stake in shares of ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 32 shares during the period. Steward Financial Group LLC increased its stake in shares of ServiceNow by 125.0% during the third quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 35 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new position in shares of ServiceNow during the third quarter valued at approximately $35,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.