ServiceNow (NYSE:NOW) Price Target Lowered to $1,025.00 at Bank of America

ServiceNow (NYSE:NOW) had its target price trimmed by Bank of America from $1,280.00 to $1,025.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

NOW has been the subject of several other reports. Stifel Nicolaus decreased their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. BMO Capital Markets reduced their price target on shares of ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating for the company in a report on Friday, April 4th. Robert W. Baird dropped their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,057.17.

ServiceNow Price Performance

ServiceNow stock opened at $772.18 on Tuesday. 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 cap of $159.84 billion, a price-to-earnings ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm has a 50-day moving average of $857.67 and a two-hundred day moving average of $970.18. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. On average, research analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

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

Insider Activity

In other news, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the sale, the director now owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock valued at $19,853,273 in the last ninety days. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in NOW. Vanguard Group Inc. grew its position in ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after buying an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. FMR LLC grew its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after acquiring an additional 272,506 shares during the period. Geode Capital Management LLC raised its holdings in ServiceNow by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, GAMMA Investing LLC boosted its position in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.