ServiceNow (NYSE:NOW) Shares Down 2.7% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) dropped 2.7% during trading on Wednesday . The stock traded as low as $799.84 and last traded at $802.9290. Approximately 2,004,253 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 1,642,110 shares. The stock had previously closed at $825.31.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NOW. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Mizuho set a $1,150.00 price objective on ServiceNow in a research report on Thursday, October 30th. Royal Bank Of Canada reissued an “outperform” rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, October 30th. JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Finally, Stifel Nicolaus set a $1,150.00 price objective on ServiceNow in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,149.67.

ServiceNow Price Performance

The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $167.01 billion, a PE ratio of 97.09, a P/E/G ratio of 4.11 and a beta of 0.94. The firm has a 50 day moving average of $898.43 and a two-hundred day moving average of $941.61.

ServiceNow shares are set to split on the morning of Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly minted shares will be payable to shareholders after the closing bell on Thursday, December 4th.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.21 by $0.61. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.35 billion. ServiceNow had a net margin of 13.66% and a return on equity of 19.23%. ServiceNow’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.72 EPS. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kevin Thomas Mcbride sold 280 shares of the business’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $842.48, for a total value of $235,894.40. Following the completion of the transaction, the insider owned 5,054 shares of the company’s stock, valued at $4,257,893.92. This represents a 5.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 8,587 shares of company stock worth $7,730,037 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of ServiceNow

A number of large investors have recently made changes to their positions in NOW. Brighton Jones LLC grew its position in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after purchasing an additional 30 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of ServiceNow by 0.8% in the 1st quarter. Mutual of America Capital Management LLC now owns 24,875 shares of the information technology services provider’s stock worth $19,804,000 after buying an additional 201 shares during the last quarter. Prosperity Consulting Group LLC grew its holdings in shares of ServiceNow by 2.7% in the first quarter. Prosperity Consulting Group LLC now owns 1,085 shares of the information technology services provider’s stock worth $864,000 after acquiring an additional 29 shares during the period. Foundations Investment Advisors LLC increased its position in ServiceNow by 20.2% during the first quarter. Foundations Investment Advisors LLC now owns 708 shares of the information technology services provider’s stock valued at $564,000 after acquiring an additional 119 shares during the last quarter. Finally, Fiera Capital Corp lifted its holdings in ServiceNow by 3.8% in the first quarter. Fiera Capital Corp now owns 4,610 shares of the information technology services provider’s stock valued at $3,670,000 after acquiring an additional 169 shares during the period. 87.18% of the stock is currently owned by 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.