ServiceNow (NYSE:NOW – Get Rating) the target price was dropped by equities research analysts at Citigroup from $656.00 to $600.00 in a research note issued to investors on Thursday, The Fly reports. Citigroup’s price objective would suggest a potential upside of 34.30% from the company’s current price.
Other analysts have also recently issued research reports about the company. Exane BNP Paribas cut ServiceNow from a “neutral” rating to an “underperform” rating in a research report on Tuesday, March 29th. Piper Sandler reduced their price target on ServiceNow from $650.00 to $600.00 and set an “overweight” rating for the company in a research report on Wednesday, May 25th. TheStreet cut ServiceNow from a “b-” rating to a “c+” rating in a research report on Tuesday, April 26th. Stifel Nicolaus cut their price target on ServiceNow from $650.00 to $550.00 in a research report on Wednesday, May 25th. Finally, Mizuho reduced their price target on ServiceNow from $550.00 to $520.00 and set a “buy” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $624.81.
ServiceNow Price Performance
NOW opened at $446.77 on Thursday. The stock has a market cap of $89.56 billion, a price-to-earnings ratio of 406.15, a PEG ratio of 9.31 and a beta of 1.03. ServiceNow has a 1 year low of $406.47 and a 1 year high of $707.60. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $462.48 and a 200 day moving average price of $510.55.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The information technology services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.13. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. ServiceNow has a return on equity of 8.66% and a net margin of 3.56%. Business revenue for the quarter was up 26.6% on a year-over-year basis. In the same quarter last year, the firm earned $0.50 earnings per share. analysts forecast that ServiceNow will post 1.71 EPS for the current fiscal year.
Internal Activity
In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the completion of the sale, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $18,613,729.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available on the SEC website. In related news, COO Chirantan Jitendra Desai sold 7,000 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $477.52, for a total amount of $3,342,640.00. Following the completion of the sale, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $18,613,729.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available on the SEC website. Also, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $446.04, for a total transaction of $55,755.00. Following the completion of the sale, the insider now owns 1,446 shares of the company’s stock, valued at $644,973.84. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock worth $8,503,327 in the last quarter. Corporate insiders own 0.28% of the company’s stock.
Institutional Investors Weigh In On The Service Now
Several hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in shares of ServiceNow during the fourth quarter valued at about $8,736,000. JW Cole Advisors Inc. raised its holdings in shares of ServiceNow by 12.1% during the fourth quarter. JW Cole Advisors Inc. now owns 1,084 shares of the information technology services provider’s stock valued at $704,000 after buying an additional 117 shares during the period. Hancock Whitney Corp raised its holdings in shares of ServiceNow by 19.2% during the fourth quarter. Hancock Whitney Corp now owns 1,913 shares of the information technology services provider’s stock valued at $1,242,000 after buying an additional 308 shares during the period. OLD National Bancorp IN lifted its holdings in shares of ServiceNow by 15.0% during the fourth quarter. OLD National Bancorp IN now owns 4,822 shares of the information technology services provider’s stock valued at $3,130,000 after buying an additional 629 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of ServiceNow by 6.4% in the fourth quarter. Signaturefd LLC now owns 2,324 shares of the information technology services provider’s stock worth $1,509,000 after purchasing an additional 140 shares during the period. 87.20% of the stock is currently owned by institutional investors and hedge funds.
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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