ServiceNow (NYSE:NOW) Price Target Cut to $830.00

ServiceNow (NYSE:NOW) had its price objective decreased by equities research analysts at BMO Capital Markets from $850.00 to $830.00 in a research report issued on Thursday, Briefing.com reports. The firm presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 11.20% from the company’s previous close.

Several other equities analysts have also recently issued reports on NOW. Royal Bank of Canada boosted their price objective on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Guggenheim reissued a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. JMP Securities reissued a “market outperform” rating and issued a $825.00 price objective on shares of ServiceNow in a report on Tuesday. Barclays boosted their price objective on ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. Finally, Truist Financial upped their price target on ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $779.63.

ServiceNow Stock Up 0.7 %

ServiceNow stock opened at $746.39 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The business’s 50-day simple moving average is $761.32 and its two-hundred day simple moving average is $706.74. The company has a market cap of $153.29 billion, a PE ratio of 88.75, a PEG ratio of 4.68 and a beta of 0.97. ServiceNow has a fifty-two week low of $427.68 and a fifty-two week high of $815.32.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. Equities analysts anticipate that ServiceNow will post 6.16 EPS for the current year.

Insider Activity

In other news, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Paul John Smith sold 1,180 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares in the company, valued at $1,067,831.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock worth $9,940,303 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NOW. Norges Bank purchased a new position in ServiceNow in the fourth quarter worth approximately $1,648,259,000. International Assets Investment Management LLC grew its position in ServiceNow by 69,354.6% in the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after acquiring an additional 820,465 shares during the period. FMR LLC grew its position in ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after acquiring an additional 595,697 shares during the period. Global Assets Advisory LLC purchased a new position in ServiceNow in the first quarter worth approximately $403,034,000. Finally, Jennison Associates LLC grew its position in ServiceNow by 23.0% in the third quarter. Jennison Associates LLC now owns 2,467,471 shares of the information technology services provider’s stock worth $1,379,217,000 after acquiring an additional 461,614 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.