ServiceNow (NYSE:NOW) Price Target Lowered to $950.00 at Stifel Nicolaus

by · The Cerbat Gem

ServiceNow (NYSE:NOW – Free Report) had its price target lowered by Stifel Nicolaus from $1,175.00 to $950.00 in a research note published on Wednesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the information technology services provider’s stock.

A number of other research firms have also recently commented on NOW. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Raymond James started coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, Citigroup reduced their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,087.21.

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ServiceNow Price Performance

Shares of NYSE NOW opened at $824.64 on Wednesday. The stock’s 50-day simple moving average is $933.06 and its two-hundred day simple moving average is $982.64. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market capitalization of $169.88 billion, a P/E ratio of 120.74, a P/E/G ratio of 4.51 and a beta of 1.03. 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 – Get Free Report) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on 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 completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently made changes to their positions in the company. World Investment Advisors LLC lifted its position in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter valued at $2,603,360,000. Proficio Capital Partners LLC increased its holdings in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the 4th quarter worth about $682,468,000. Finally, Wellington Management Group LLP raised its position in ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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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.

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