ServiceNow (NYSE:NOW) Trading Down 2.2% – What’s Next?

ServiceNow, Inc. (NYSE:NOW) dropped 2.2% on Monday . The stock traded as low as $91.48 and last traded at $92.9580. Approximately 24,796,014 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 24,164,162 shares. The stock had previously closed at $95.04.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on NOW shares. BTIG Research reiterated a “buy” rating and set a $150.00 target price on shares of ServiceNow in a report on Monday, May 4th. Jefferies Financial Group restated a “buy” rating and issued a $135.00 price target (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. Citizens Jmp reaffirmed a “market outperform” rating and set a $157.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. Evercore upped their price objective on ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Finally, Oppenheimer reissued an “outperform” rating on shares of ServiceNow in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $142.17.

ServiceNow Stock Down 2.2%

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a fifty day simple moving average of $99.56 and a 200-day simple moving average of $117.48. The firm has a market cap of $95.84 billion, a price-to-earnings ratio of 55.40, a P/E/G ratio of 1.58 and a beta of 0.94.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting the consensus estimate of $0.97. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company’s revenue was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the company’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider directly owned 29,531 shares of the company’s stock, valued at $2,645,977.60. This represents a 23.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. The trade was a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 28,071 shares of company stock worth $2,529,956. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. IAG Wealth Partners LLC raised its holdings in ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 18 shares in the last quarter. Noble Wealth Management PBC increased its position in shares of ServiceNow by 400.0% in the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC increased its position in shares of ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC raised its stake in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Finally, Blueline Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at about $25,000. 87.18% of the stock is owned by institutional investors.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.