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

ServiceNow (NYSE:NOW) had its price objective cut by Robert W. Baird from $1,200.00 to $1,010.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Robert W. Baird’s price objective suggests a potential upside of 17.37% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Mizuho reduced their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Finally, Piper Sandler boosted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Stock Up 1.3 %

NOW stock opened at $860.50 on Wednesday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $177.26 billion, a price-to-earnings ratio of 125.99, a PEG ratio of 4.51 and a beta of 1.03. The business’s fifty day moving average price is $964.71 and its two-hundred day moving average price is $985.75.

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

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

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Polymer Capital Management HK LTD raised its holdings in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. boosted its holdings in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in ServiceNow in the fourth quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in ServiceNow in the fourth quarter valued at approximately $10,071,000. 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.