StockNews.com Downgrades ServiceNow (NYSE:NOW) to Hold

StockNews.com lowered shares of ServiceNow (NYSE:NOW) from a buy rating to a hold rating in a report released on Tuesday morning.

A number of other research analysts have also recently issued reports on NOW. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird decreased their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Stifel Nicolaus boosted their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Scotiabank began coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Up 0.7 %

NOW stock opened at $989.70 on Tuesday. The company has a market cap of $203.88 billion, a P/E ratio of 144.90, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $1,075.99 and a 200-day moving average of $969.56.

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

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

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,257 shares of company stock worth $23,579,376. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently modified their holdings of NOW. Avidian Wealth Enterprises LLC boosted its holdings in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. boosted its holdings in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares in the last quarter. Catalyst Financial Partners LLC boosted its holdings in shares of ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares in the last quarter. Institute for Wealth Management LLC. boosted its holdings in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after acquiring an additional 11 shares in the last quarter. Finally, TBH Global Asset Management LLC boosted its holdings in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 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.