ServiceNow (NYSE:NOW) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of ServiceNow (NYSE:NOW) from a buy rating to a hold rating in a research report report published on Saturday.

Several other brokerages also recently issued reports on NOW. Morgan Stanley reiterated an “equal weight” rating on shares of ServiceNow in a research note on Tuesday, July 8th. Raymond James Financial upped their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Stifel Nicolaus lifted their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Finally, Oppenheimer reissued an “outperform” rating and set a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,115.20.

ServiceNow Stock Down 1.1%

Shares of NYSE:NOW opened at $918.49 on Friday. ServiceNow has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock’s 50-day moving average is $944.66 and its 200 day moving average is $924.23. The company has a market cap of $191.04 billion, a PE ratio of 115.68, a P/E/G ratio of 4.14 and a beta of 0.91.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.13 EPS. Sell-side analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,585 shares of ServiceNow stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the sale, the chief executive officer owned 12,439 shares of the company’s stock, valued at $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,054 shares of company stock worth $10,706,530 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the period. Norges Bank acquired a new stake in shares of ServiceNow in the second quarter worth approximately $2,589,235,000. Nuveen LLC purchased a new stake in shares of ServiceNow during the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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.