ServiceNow (NYSE:NOW) Price Target Cut to $1,250.00 by Analysts at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its price objective decreased by Jefferies Financial Group from $1,300.00 to $1,250.00 in a research note released on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the information technology services provider’s stock.

NOW has been the topic of several other research reports. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target on the stock. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Mizuho boosted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday. Finally, UBS Group lifted their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Price Performance

Shares of NOW opened at $1,011.67 on Thursday. The firm has a market capitalization of $208.40 billion, a PE ratio of 148.12, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company’s fifty day moving average price is $1,085.21 and its 200-day moving average price is $952.30. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. On average, equities research analysts predict that ServiceNow will post 8.98 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in ServiceNow during the second quarter worth $18,421,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of ServiceNow by 8,337.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 30,544 shares of the information technology services provider’s stock worth $24,028,000 after purchasing an additional 30,182 shares during the last quarter. Anchor Investment Management LLC raised its holdings in ServiceNow by 8.1% in the 2nd quarter. Anchor Investment Management LLC now owns 1,286 shares of the information technology services provider’s stock valued at $1,012,000 after buying an additional 96 shares during the period. Mattson Financial Services LLC purchased a new stake in ServiceNow in the 2nd quarter valued at about $2,122,000. Finally, Emprise Bank acquired a new position in ServiceNow in the third quarter valued at about $201,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

About ServiceNow

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.