ServiceNow (NYSE:NOW) Given New $950.00 Price Target at Stifel Nicolaus

ServiceNow (NYSE:NOW) had its price target lowered by analysts at Stifel Nicolaus from $1,175.00 to $950.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Stifel Nicolaus’ price target suggests a potential upside of 18.18% from the company’s previous close.

NOW has been the subject of several other research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Oppenheimer boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. The Goldman Sachs Group raised 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. Finally, Truist Financial decreased their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday. One investment 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, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,087.21.

ServiceNow Stock Down 0.9 %

NOW opened at $803.86 on Wednesday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a 50 day moving average price of $939.07 and a 200 day moving average price of $983.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $165.60 billion, a PE ratio of 116.98, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

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

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

Insider Activity

In other news, General Counsel Russell S. Elmer sold 336 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,408,026.60. The trade was a 7.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently bought and sold shares of the company. United Bank acquired a new position in ServiceNow in the 3rd quarter worth approximately $480,000. Arete Wealth Advisors LLC lifted its holdings in shares of ServiceNow by 47.4% in the third quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock valued at $1,387,000 after purchasing an additional 500 shares in the last quarter. Atom Investors LP boosted its position in shares of ServiceNow by 20.0% in the third quarter. Atom Investors LP now owns 1,339 shares of the information technology services provider’s stock worth $1,198,000 after buying an additional 223 shares during the period. IHT Wealth Management LLC grew its holdings in shares of ServiceNow by 29.4% during the third quarter. IHT Wealth Management LLC now owns 5,328 shares of the information technology services provider’s stock valued at $4,742,000 after buying an additional 1,211 shares in the last quarter. Finally, Motley Fool Asset Management LLC lifted its stake in ServiceNow by 5.7% in the 3rd quarter. Motley Fool Asset Management LLC now owns 9,479 shares of the information technology services provider’s stock worth $8,220,000 after acquiring an additional 515 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.