ServiceNow (NYSE:NOW) Lowered to Hold Rating by Macquarie

Macquarie lowered shares of ServiceNow (NYSE:NOW) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

Several other equities analysts have also recently issued reports on NOW. Piper Sandler restated an “overweight” rating and issued a $1,150.00 price target on shares of ServiceNow in a research report on Thursday, October 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, October 30th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $1,093.00 target price on shares of ServiceNow in a research report on Thursday, October 30th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Finally, UBS Group increased their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. One investment 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 issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,149.67.

ServiceNow Stock Down 2.7%

Shares of NOW opened at $802.93 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow has a 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a market capitalization of $167.01 billion, a price-to-earnings ratio of 97.09, a PEG ratio of 4.11 and a beta of 0.94. The stock has a fifty day moving average of $895.47 and a 200-day moving average of $940.64.

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

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.21 by $0.61. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.35 billion. ServiceNow had a return on equity of 19.23% and a net margin of 13.66%.The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.72 earnings per share. As a group, sell-side analysts anticipate that ServiceNow will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 522 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $827.08, for a total value of $431,735.76. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at $2,481,240. This trade represents a 14.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $827.08, for a total value of $77,745.52. Following the completion of the sale, the insider directly owned 3,027 shares of the company’s stock, valued at $2,503,571.16. The trade was a 3.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 2,762 shares of company stock valued at $2,390,667. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the company. Haverford Trust Co increased its stake in ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC increased its stake in shares of ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after purchasing an additional 10 shares during the last quarter. Advisory Alpha LLC raised its holdings in shares of ServiceNow by 4.4% in the 1st quarter. Advisory Alpha LLC now owns 261 shares of the information technology services provider’s stock worth $208,000 after purchasing an additional 11 shares during the period. Highline Wealth Partners LLC raised its holdings in shares of ServiceNow by 1.8% in the 2nd quarter. Highline Wealth Partners LLC now owns 623 shares of the information technology services provider’s stock worth $640,000 after purchasing an additional 11 shares during the period. Finally, Richardson Financial Services Inc. lifted its stake in ServiceNow by 50.0% in the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock valued at $33,000 after purchasing an additional 11 shares during the last quarter. Institutional investors 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.