ServiceNow (NYSE:NOW) Price Target Cut to $920.00

ServiceNow (NYSE:NOW) had its price objective reduced by stock analysts at KeyCorp from $950.00 to $920.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. KeyCorp’s price target would indicate a potential upside of 17.01% from the stock’s previous close.

A number of other brokerages also recently commented on NOW. JMP Securities reissued a “market outperform” rating and issued a $825.00 price objective on shares of ServiceNow in a research report on Tuesday, May 7th. UBS Group decreased their price target on ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Morgan Stanley boosted their price target on shares of ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Robert W. Baird raised their price objective on shares of ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Finally, BMO Capital Markets dropped their price objective on ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a research note on Thursday, April 25th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $813.28.

ServiceNow Stock Down 1.0 %

NYSE NOW opened at $786.28 on Tuesday. ServiceNow has a one year low of $527.24 and a one year high of $815.32. The company has a market cap of $161.19 billion, a P/E ratio of 84.20, a P/E/G ratio of 4.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The business has a fifty day moving average price of $728.95 and a 200 day moving average price of $742.68.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. Research analysts anticipate that ServiceNow will post 6.5 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 190 shares of ServiceNow stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total value of $136,568.20. Following the completion of the sale, the insider now directly owns 3,010 shares in the company, valued at $2,163,527.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Christopher Bedi sold 215 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the transaction, the insider now owns 15,892 shares in the company, valued at approximately $11,124,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul John Smith sold 190 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $718.78, for a total transaction of $136,568.20. Following the sale, the insider now directly owns 3,010 shares in the company, valued at approximately $2,163,527.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,530 shares of company stock worth $3,997,012. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the company. Argonautica Private Wealth Management Inc. raised its stake in shares of ServiceNow by 1.0% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock worth $972,000 after acquiring an additional 13 shares in the last quarter. Wealth Management Partners LLC raised its position in shares of ServiceNow by 2.7% in the 4th quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock worth $375,000 after acquiring an additional 14 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its stake in ServiceNow by 30.4% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after purchasing an additional 14 shares during the period. Optas LLC lifted its position in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after acquiring an additional 14 shares during the period. Finally, Cedar Wealth Management LLC boosted its stake in ServiceNow by 5.5% in the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.