Scotiabank Cuts ServiceNow (NYSE:NOW) Price Target to $1,050.00

ServiceNow (NYSE:NOW) had its price target reduced by Scotiabank from $1,230.00 to $1,050.00 in a research note released on Monday,Benzinga reports. They currently have a sector outperform rating on the information technology services provider’s stock.

A number of other equities analysts have also recently issued reports on NOW. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Finally, TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,100.31.

ServiceNow Trading Up 1.6 %

Shares of NYSE NOW opened at $843.60 on Monday. The firm has a 50 day moving average price of $979.74 and a two-hundred day moving average price of $984.61. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market cap of $173.78 billion, a P/E ratio of 123.51, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly 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, equities analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’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 transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last quarter. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in the business. Polymer Capital Management HK LTD boosted its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow during the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. lifted its stake in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the period. Cardano Risk Management B.V. purchased a new stake in shares of ServiceNow in the 4th quarter worth $105,090,000. Finally, Rheos Capital Works Inc. bought a new position in shares of ServiceNow in the fourth quarter worth about $10,071,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.