Wells Fargo & Company Lowers ServiceNow (NYSE:NOW) Price Target to $1,100.00

ServiceNow (NYSE:NOW) had its price objective lowered by Wells Fargo & Company from $1,250.00 to $1,100.00 in a research report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the information technology services provider’s stock.

Several other brokerages have also recently issued reports on NOW. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. UBS Group lowered their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Citigroup dropped their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Robert W. Baird decreased their target price 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. Finally, Truist Financial dropped their price target on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday, March 31st. One 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,057.17.

ServiceNow Stock Down 2.4 %

NOW opened at $796.62 on Monday. The company has a market cap of $164.90 billion, a PE ratio of 116.64, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a 50-day moving average price of $862.65 and a 200 day moving average price of $971.02. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow announced that its board has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction dated 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 transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,896 shares of company stock valued at $19,568,441 in the last 90 days. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of ServiceNow during the fourth quarter worth $27,000. Atala Financial Inc purchased a new stake in ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. increased its holdings in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter worth about $34,000. 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.