ServiceNow’s (NOW) Sell Rating Reaffirmed at Guggenheim

ServiceNow (NYSE:NOW)‘s stock had its “sell” rating reaffirmed by research analysts at Guggenheim in a research note issued on Tuesday,Benzinga reports. They currently have a $724.00 price objective on the information technology services provider’s stock. Guggenheim’s target price suggests a potential downside of 29.21% from the company’s previous close.

Several other brokerages have also issued reports on NOW. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Canaccord Genuity Group lowered their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Citigroup boosted their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Oppenheimer reiterated an “outperform” rating and issued a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,068.23.

ServiceNow Price Performance

Shares of NOW stock traded down $12.28 during trading hours on Tuesday, hitting $1,022.73. The stock had a trading volume of 205,603 shares, compared to its average volume of 1,481,252. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The stock’s 50-day moving average price is $1,005.88 and its two-hundred day moving average price is $961.79. The stock has a market capitalization of $211.69 billion, a price-to-earnings ratio of 138.62, a PEG ratio of 4.80 and a beta of 0.94.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the firm posted $3.41 earnings per share. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. Equities analysts forecast that ServiceNow will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other news, Director Deborah Black sold 598 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director directly owned 428 shares in the company, valued at $402,418.44. This represents a 58.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 428 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the sale, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,716 shares of company stock valued at $6,611,245 in the last ninety days. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the 1st quarter worth $26,000. Quarry LP acquired a new position in ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc acquired a new position in ServiceNow during the 4th quarter worth $28,000. Finally, WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 31 shares in the last quarter. 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.