Raymond James Cuts ServiceNow (NYSE:NOW) Price Target to $1,000.00

ServiceNow (NYSE:NOW) had its price target dropped by equities research analysts at Raymond James from $1,200.00 to $1,000.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Raymond James’ price target indicates a potential upside of 34.26% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Citigroup reduced their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, Jefferies Financial Group dropped their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,079.10.

ServiceNow Trading Up 1.3 %

Shares of NYSE NOW traded up $9.31 during mid-day trading on Tuesday, reaching $744.81. The company had a trading volume of 1,093,808 shares, compared to its average volume of 1,439,797. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $153.43 billion, a price-to-earnings ratio of 109.09, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The business’s 50-day moving average is $909.68 and its 200-day moving average is $979.97. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Equities analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback program 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow 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 value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were 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 of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. Winthrop Advisory Group LLC increased its holdings in ServiceNow by 9.3% in the 1st quarter. Winthrop Advisory Group LLC now owns 692 shares of the information technology services provider’s stock valued at $551,000 after purchasing an additional 59 shares in the last quarter. BTC Capital Management Inc. increased its stake in ServiceNow by 32.9% during the 1st quarter. BTC Capital Management Inc. now owns 1,312 shares of the information technology services provider’s stock worth $1,045,000 after buying an additional 325 shares during the period. Rothschild Investment LLC lifted its holdings in ServiceNow by 43.7% in the 1st quarter. Rothschild Investment LLC now owns 500 shares of the information technology services provider’s stock worth $398,000 after buying an additional 152 shares in the last quarter. GuoLine Advisory Pte Ltd grew its stake in shares of ServiceNow by 17.9% during the first quarter. GuoLine Advisory Pte Ltd now owns 51,480 shares of the information technology services provider’s stock valued at $40,985,000 after acquiring an additional 7,830 shares in the last quarter. Finally, Global Financial Private Client LLC lifted its stake in shares of ServiceNow by 1,900.0% in the first quarter. Global Financial Private Client LLC now owns 60 shares of the information technology services provider’s stock worth $48,000 after acquiring an additional 57 shares in the last quarter. 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.