ServiceNow (NYSE:NOW – Get Rating) its price objective was lowered by equities researchers at Citigroup from $600.00 to $575.00 in a report issued on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective points to a potential upside of 28.73% from the stock’s current price.
NOW has been the subject of several other research reports. Piper Sandler dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a report on Thursday. Truist Financial dropped their price target on ServiceNow from $700.00 to $600.00 in a report on Tuesday, May 10th. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. BMO Capital Markets dropped their price target on ServiceNow from $595.00 to $520.00 in a report on Friday, July 15th. Finally, Sanford C. Bernstein initiated coverage on ServiceNow in a report on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $589.90.
ServiceNow Stock Performance
Shares of NOW opened at $446.66 on Thursday. The stock’s 50-day simple moving average is $463.62 and its 200-day simple moving average is $505.90. The stock has a market capitalization of $89.54 billion, a price-to-earnings ratio of 406.05, a price-to-earnings-growth ratio of 8.94 and a beta of 1.03. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a 52-week low of $406.47 and a 52-week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 8.66% and a net margin of 3.56%. The company’s quarterly revenue was up 24.3% on a year-over-year basis. In the same quarter last year, the company posted $0.38 EPS. research analysts predict that ServiceNow will post 1.71 EPS for the current fiscal year.
ServiceNow Insider Transactions
In other news, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $446.04, for a total value of $55,755.00. Following the sale, the insider now directly owns 1,446 shares in the company, valued at approximately $644,973.84. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Paul John Smith sold 125 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $446.04, for a total value of $55,755.00. Following the completion of the transaction, the insider now owns 1,446 shares in the company, valued at approximately $644,973.84. The transaction was disclosed in a document filed with the SEC, which is available on the SEC website. Also, COO Chirantan Jitendra Desai sold 7,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 38,980 shares of the company’s stock, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,150 shares of company stock valued at $7,804,261. 0.28% of the stock is currently owned by insiders.
Institutional Entry and Exit
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Edgewood Management LLC bought a new position in ServiceNow during the first quarter valued at $1,515,281,000. Norges Bank purchased a new position in ServiceNow during the fourth quarter valued at $1,117,096,000. Fisher Asset Management LLC lifted its stake in ServiceNow by 164.8% during the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock valued at $580,778,000 after purchasing an additional 556,871 shares during the last quarter. Raised by TD Asset Management Inc. its stake in ServiceNow by 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after buying an additional 553,517 shares during the last quarter. Finally, Capital International Investors lifted its stake in ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after buying an additional 491,835 shares during the last quarter. Hedge funds and other institutional investors own 87.20% of the company’s stock.
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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