ServiceNow (NYSE:NOW) Price Target Lowered to $1,050.00 at Scotiabank

ServiceNow (NYSE:NOW) had its price objective decreased by Scotiabank from $1,230.00 to $1,050.00 in a report issued on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the information technology services provider’s stock.

Several other brokerages also recently weighed in on NOW. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,100.31.

ServiceNow Trading Up 1.6 %

ServiceNow stock opened at $843.60 on Monday. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s 50 day moving average price is $979.74 and its 200-day moving average price is $984.61. 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 $173.78 billion, a P/E ratio of 123.51, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other ServiceNow 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 transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a 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 transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Quarry LP acquired a new stake in ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter valued at about $28,000. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter valued at about $30,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter worth $32,000. Finally, FPC Investment Advisory Inc. grew its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Hedge funds and other 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.