ServiceNow (NYSE:NOW – Get Rating) Citigroup reduced their target price from $575.00 to $488.00 in a research report sent to investors on Wednesday morning, The Fly reports. Citigroup currently has a buy rating on the information technology services provider’s stock.
Several other equities analysts have also recently issued reports on NOW. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $615.00 to $510.00 and set a buy rating for the company in a research note on Thursday, July 28th. Barclays lifted their price target on shares of ServiceNow from $495.00 to $501.00 and gave the company an overweight rating in a research note on Tuesday, October 18th. Cowen dropped their price target on shares of ServiceNow from $590.00 to $580.00 and set an outperform rating for the company in a research note on Thursday, July 28th. Truist Financial dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set a buy rating for the company in a research note on Thursday, July 28th. Finally, Wells Fargo & Company lowered their price target on shares of ServiceNow from $600.00 to $550.00 and set an overweight rating for the company in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of Moderate Buy and a consensus price target of $571.91.
ServiceNow Stock Performance
Shares of ServiceNow stock opened at $360.67 on Wednesday. ServiceNow has a fifty-two week low of $337.00 and a fifty-two week high of $707.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $72.86 billion, a P/E ratio of 396.34, a P/E/G ratio of 7.25 and a beta of 0.98. The company’s 50 day moving average price is $418.86 and its two hundred day moving average price is $452.32.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 24.3% on a year-over-year basis. On average, equities analysts predict that ServiceNow will post 1.72 earnings per share for the current fiscal year.
Internal Activity
In other news, CFO Gina Mastantuono sold 4,262 shares of ServiceNow stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $439.10, for a total transaction worth $1,871,444.20. Following the completion of the transaction, the chief financial officer now directly owns 4,262 shares in the company, valued at $1,871,444.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Russell S. Elmer sold 4,812 shares of ServiceNow stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $438.99, for a total transaction of $2,112,419.88. Following the completion of the transaction, the general counsel now directly owns 9,293 shares in the company, valued at $4,079,534.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,262 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $439.10, for a total transaction of $1,871,444.20. Following the transaction, the chief financial officer now owns 4,262 shares in the company, valued at $1,871,444.20. The disclosure for this sale can be found here. Insiders have sold 32,922 shares of company stock valued at $14,410,327 over the last three months. 0.28% of the stock is currently owned by insiders.
Institutional Entry and Exit
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OLD Second National Bank of Aurora purchased a new position in ServiceNow during the first quarter valued at about $28,000. Tortoise Investment Management LLC boosted its holdings in ServiceNow by 55.0% during the second quarter. Tortoise Investment Management LLC now owns 62 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 22 shares in the last quarter. High Net Worth Advisory Group LLC purchased a new position in ServiceNow during the first quarter valued at approximately $29,000. GoalVest Advisory LLC bought a new position in ServiceNow in the first quarter valued at approximately $43,000. Finally, Core Alternative Capital lifted its position in ServiceNow by 310.5% in the first quarter. Core Alternative Capital now owns 78 shares of the information technology services provider’s stock valued at $43,000 after acquiring an additional 59 shares during the period. 87.49% of the stock is currently owned by hedge funds and other institutional investors.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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