ServiceNow (NYSE:NOW) Price Target Cut to $1,025.00 by Analysts at Bank of America

ServiceNow (NYSE:NOW) had its price objective reduced by Bank of America from $1,280.00 to $1,025.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other equities research analysts have also issued reports about the stock. Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. BMO Capital Markets lowered their price target on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a research report on Friday, April 4th. Jefferies Financial Group cut their price objective on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,059.80.

ServiceNow Price Performance

NOW stock opened at $817.37 on Tuesday. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $169.20 billion, a P/E ratio of 119.67, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm has a 50 day moving average of $866.88 and a 200-day moving average of $972.23.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the business. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at $48,802,000. Dock Street Asset Management Inc. boosted its holdings in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new stake in ServiceNow during the fourth quarter valued at approximately $105,090,000. Rheos Capital Works Inc. purchased a new stake in ServiceNow during the fourth quarter valued at approximately $10,071,000. Finally, Czech National Bank raised its position in ServiceNow by 6.7% in the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after acquiring an additional 2,829 shares during the period. 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.