ServiceNow (NYSE:NOW) Shares Up 0% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW)’s stock price rose 0% during mid-day trading on Friday . The company traded as high as $1,042.35 and last traded at $1,023.49. Approximately 433,662 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,650,264 shares. The stock had previously closed at $1,023.30.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. BMO Capital Markets increased their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus increased their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Price Performance

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 stock’s 50 day moving average is $1,081.18 and its two-hundred day moving average is $962.06. The stock has a market capitalization of $207.61 billion, a PE ratio of 147.55, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,702 shares of company stock worth $20,965,306 in the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Davis R M Inc. increased its position in ServiceNow by 2,553.9% during the 4th quarter. Davis R M Inc. now owns 13,482 shares of the information technology services provider’s stock worth $14,293,000 after purchasing an additional 12,974 shares during the period. Clare Market Investments LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth about $3,268,000. Independent Advisor Alliance lifted its position in ServiceNow by 21.4% during the fourth quarter. Independent Advisor Alliance now owns 8,217 shares of the information technology services provider’s stock worth $8,711,000 after buying an additional 1,448 shares during the period. Marvin & Palmer Associates Inc. acquired a new stake in ServiceNow during the fourth quarter worth about $3,213,000. Finally, Paragon Private Wealth Management LLC lifted its stake in shares of ServiceNow by 32.3% during the fourth quarter. Paragon Private Wealth Management LLC now owns 532 shares of the information technology services provider’s stock worth $564,000 after purchasing an additional 130 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.