ServiceNow (NYSE:NOW) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of ServiceNow (NYSE:NOW) from a buy rating to a hold rating in a research note released on Wednesday.

A number of other equities research analysts have also weighed in on NOW. Barclays lifted their target price on shares of ServiceNow from $1,210.00 to $1,225.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Piper Sandler restated an “overweight” rating and issued a $1,150.00 price objective on shares of ServiceNow in a report on Thursday, October 30th. Royal Bank Of Canada reiterated an “outperform” rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on ServiceNow from $1,020.00 to $1,075.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,149.67.

ServiceNow Trading Up 1.0%

NYSE NOW opened at $832.31 on Wednesday. The stock has a market cap of $173.12 billion, a P/E ratio of 100.64, a price-to-earnings-growth ratio of 3.44 and a beta of 0.97. ServiceNow has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a 50 day simple moving average of $882.96 and a two-hundred day simple moving average of $933.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.06.

Shares of ServiceNow are going to split before the market opens on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly issued shares will be distributed to shareholders after the market closes on Thursday, December 4th.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 EPS for the quarter, beating analysts’ consensus estimates of $4.21 by $0.61. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.35 billion. ServiceNow had a return on equity of 18.74% and a net margin of 13.66%.The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.72 earnings per share. On average, analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 305 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $817.55, for a total transaction of $249,352.75. Following the completion of the transaction, the insider directly owned 541 shares in the company, valued at $442,294.55. This trade represents a 36.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $808.00, for a total transaction of $242,400.00. Following the sale, the director directly owned 9,586 shares in the company, valued at $7,745,488. This trade represents a 3.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 2,647 shares of company stock valued at $2,180,835. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the company. Kilter Group LLC purchased a new position in shares of ServiceNow in the second quarter worth $25,000. IAG Wealth Partners LLC increased its holdings in ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after buying an additional 18 shares in the last quarter. Bogart Wealth LLC raised its position in ServiceNow by 93.8% in the 3rd quarter. Bogart Wealth LLC now owns 31 shares of the information technology services provider’s stock worth $29,000 after buying an additional 15 shares during the last quarter. Wealth Watch Advisors INC bought a new position in ServiceNow during the 3rd quarter valued at about $29,000. Finally, Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow during the 2nd quarter valued at about $30,000. Institutional investors 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.