ServiceNow (NYSE:NOW) Stock Price Up 0.3% – Here’s Why

ServiceNow, Inc. (NYSE:NOW) shares traded up 0.3% on Thursday . The company traded as high as $953.35 and last traded at $945.02. 346,458 shares were traded during trading, a decline of 79% from the average session volume of 1,633,541 shares. The stock had previously closed at $941.96.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NOW. Robert W. Baird reduced their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. 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 upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Wells Fargo & Company raised their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Performance

The company has a market capitalization of $189.67 billion, a price-to-earnings ratio of 134.81, a P/E/G ratio of 4.51 and a beta of 0.99. The stock’s 50 day moving average price is $1,044.39 and its 200 day moving average price is $981.23. 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 posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 300 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares of the company’s stock, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,706 shares of company stock worth $17,644,106 in the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Avidian Wealth Enterprises LLC boosted its position in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its position in ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 10 shares during the last quarter. Catalyst Financial Partners LLC increased its holdings in ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after purchasing an additional 11 shares in the last quarter. Institute for Wealth Management LLC. raised its position in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. Finally, TBH Global Asset Management LLC grew its holdings in shares of ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after purchasing an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by 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.