ServiceNow (NYSE:NOW) Price Target Lowered to $1,010.00 at Robert W. Baird

ServiceNow (NYSE:NOW) had its price target reduced by Robert W. Baird from $1,200.00 to $1,010.00 in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have an outperform rating on the information technology services provider’s stock.

NOW has been the subject of several other reports. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. TD Cowen raised their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,093.76.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $796.61 on Wednesday. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The business has a 50-day simple moving average of $950.30 and a 200-day simple moving average of $983.23. The company has a market cap of $164.10 billion, a PE ratio of 116.63, a P/E/G 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 earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

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

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction 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. The trade was a 44.66 % 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 three months. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On ServiceNow

A number of large investors have recently made changes to their positions in NOW. Vanguard Group Inc. increased its holdings in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after buying an additional 190,430 shares during the last quarter. State Street Corp lifted its stake in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the period. FMR LLC boosted its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Finally, World Investment Advisors LLC raised its holdings in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Institutional investors and hedge funds 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.