ServiceNow (NYSE:NOW) Given New $1,025.00 Price Target at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its price objective cut by stock analysts at Jefferies Financial Group from $1,250.00 to $1,025.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s price target suggests a potential upside of 28.10% from the company’s previous close.

NOW has been the topic of a number of other reports. UBS Group cut 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 note on Tuesday, March 11th. Scotiabank cut their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Piper Sandler raised their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,061.00.

ServiceNow Stock Performance

NYSE:NOW opened at $800.18 on Tuesday. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a 50 day moving average price of $870.99 and a 200 day moving average price of $973.31. The stock has a market capitalization of $165.64 billion, a P/E ratio of 117.16, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW) last released its quarterly 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%. Equities research analysts forecast that ServiceNow will post 8.93 EPS for the current year.

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

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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 disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last 90 days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On ServiceNow

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in shares of ServiceNow during the third quarter worth about $9,833,000. Anchor Investment Management LLC boosted its holdings in ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock valued at $1,220,000 after purchasing an additional 78 shares in the last quarter. Stock Yards Bank & Trust Co. acquired a new position in ServiceNow during the 3rd quarter worth approximately $202,000. World Investment Advisors LLC lifted its stake in shares of ServiceNow by 585.8% in the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after purchasing an additional 5,594 shares during the period. Finally, Sfmg LLC purchased a new stake in ServiceNow during the third quarter worth about $226,000. 87.18% of the stock is owned by institutional investors and hedge funds.

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.