ServiceNow (NYSE:NOW) Price Target Cut to $875.00

ServiceNow (NYSE:NOW) had its target price cut by analysts at UBS Group from $920.00 to $875.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. UBS Group’s price target indicates a potential upside of 23.86% from the company’s previous close.

A number of other equities analysts have also recently commented on NOW. Barclays lifted their target price on ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a report on Tuesday, January 23rd. The Goldman Sachs Group raised their price target on ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Piper Sandler raised their price target on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Oppenheimer raised their price target on ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Finally, Wells Fargo & Company raised their price target on ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $777.96.

ServiceNow Price Performance

NYSE NOW traded down $39.82 during trading on Thursday, hitting $706.47. 1,894,463 shares of the stock traded hands, compared to its average volume of 1,194,067. The company has a market capitalization of $145.09 billion, a P/E ratio of 83.68, a price-to-earnings-growth ratio of 4.68 and a beta of 0.97. The firm has a 50-day simple moving average of $761.32 and a 200-day simple moving average of $706.74. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. ServiceNow has a 12-month low of $427.68 and a 12-month high of $815.32.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. The firm 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 quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS. As a group, analysts predict that ServiceNow will post 6.16 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the transaction, the insider now directly owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of NOW. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ServiceNow by 3.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 116,282 shares of the information technology services provider’s stock worth $88,653,000 after purchasing an additional 4,296 shares during the period. L.M. Kohn & Company raised its holdings in ServiceNow by 5.6% in the 1st quarter. L.M. Kohn & Company now owns 1,838 shares of the information technology services provider’s stock worth $1,401,000 after purchasing an additional 97 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in ServiceNow by 4.3% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 33,956 shares of the information technology services provider’s stock worth $25,888,000 after purchasing an additional 1,400 shares during the period. Aaron Wealth Advisors LLC raised its holdings in ServiceNow by 45.5% in the 1st quarter. Aaron Wealth Advisors LLC now owns 435 shares of the information technology services provider’s stock worth $332,000 after purchasing an additional 136 shares during the period. Finally, Valeo Financial Advisors LLC raised its holdings in ServiceNow by 7.9% in the 1st quarter. Valeo Financial Advisors LLC now owns 2,017 shares of the information technology services provider’s stock worth $1,505,000 after purchasing an additional 147 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.