ServiceNow (NYSE:NOW) Price Target Lowered to $1,000.00 at UBS Group

ServiceNow (NYSE:NOW) had its price objective cut by UBS Group from $1,250.00 to $1,000.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a buy rating on the information technology services provider’s stock.

Other equities analysts have also issued research reports about the stock. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. The Goldman Sachs Group boosted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Needham & Company LLC boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Trading Down 4.0 %

Shares of NOW stock opened at $809.58 on Tuesday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s fifty day simple moving average is $997.51 and its 200 day simple moving average is $983.31. The firm has a market capitalization of $166.77 billion, a P/E ratio of 118.53, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts predict that ServiceNow will post 8.93 EPS for the current year.

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

Insider Buying and Selling

In other ServiceNow news, 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 transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow in the 4th quarter valued at about $28,000. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at about $30,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter valued at about $32,000. Finally, FPC Investment Advisory Inc. increased its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.