ServiceNow (NYSE:NOW) Rating Lowered to Hold at StockNews.com

ServiceNow (NYSE:NOW) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group lifted their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Jefferies Financial Group reduced their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Truist Financial boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, Guggenheim restated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. One investment 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 data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $981.42 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $1,078.82 and a 200-day moving average of $969.48. The company has a market capitalization of $202.17 billion, a P/E ratio of 143.69, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. As a group, equities research analysts predict that ServiceNow will post 8.93 EPS for the current year.

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

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Larry Quinlan sold 415 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the sale, the director now directly owns 1,322 shares of the company’s stock, valued at $1,335,828.12. The trade was a 23.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,224 shares of company stock valued at $25,593,525. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently bought and sold shares of the company. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the fourth quarter valued at $32,000. Noble Wealth Management PBC bought a new position in ServiceNow during the fourth quarter valued at $34,000. Truvestments Capital LLC bought a new position in ServiceNow during the third quarter valued at $30,000. Finally, FPC Investment Advisory Inc. grew its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. 87.18% of the stock is owned by institutional investors.

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.