ServiceNow (NYSE:NOW) Downgraded to Hold Rating by Zacks Research

ServiceNow (NYSE:NOW) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on NOW. JPMorgan Chase & Co. upped their price objective on ServiceNow from $1,020.00 to $1,075.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. DA Davidson set a $1,250.00 price target on shares of ServiceNow in a research note on Thursday, October 30th. Wells Fargo & Company set a $1,275.00 price objective on shares of ServiceNow in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a report on Wednesday, October 8th. Finally, UBS Group upped their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,159.66.

ServiceNow Trading Up 0.2%

Shares of ServiceNow stock opened at $862.48 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow has a 1 year low of $678.66 and a 1 year high of $1,198.09. The firm has a market cap of $179.39 billion, a PE ratio of 104.29, a PEG ratio of 4.11 and a beta of 0.94. The company has a 50 day simple moving average of $917.24 and a two-hundred day simple moving average of $950.66.

ServiceNow’s stock is set to split on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly created shares will be payable to shareholders after the market closes on Thursday, December 4th.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, topping 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 net margin of 13.66% and a return on equity of 19.23%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.72 EPS. Analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction dated 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 owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 16,980 shares of company stock valued at $15,178,834. 0.38% of the stock is owned by corporate insiders.

Institutional Trading of ServiceNow

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of ServiceNow by 1.6% during the third quarter. Vanguard Group Inc. now owns 20,210,924 shares of the information technology services provider’s stock valued at $18,599,709,000 after buying an additional 315,861 shares during the period. State Street Corp boosted its position in ServiceNow by 1.7% during the 2nd quarter. State Street Corp now owns 9,323,619 shares of the information technology services provider’s stock valued at $9,585,426,000 after acquiring an additional 154,307 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ServiceNow by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 4,574,563 shares of the information technology services provider’s stock worth $4,684,445,000 after acquiring an additional 88,057 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of ServiceNow by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock worth $2,263,519,000 after acquiring an additional 188,292 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of ServiceNow during the second quarter valued at approximately $2,589,235,000. 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.