Citigroup Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price lowered by Citigroup from $1,432.00 to $1,426.00 in a report released on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Truist Financial upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Finally, Evercore ISI lifted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 0.4 %

NYSE:NOW opened at $1,022.95 on Tuesday. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock’s fifty day moving average is $1,081.55 and its two-hundred day moving average is $961.64. The stock has a market capitalization of $210.73 billion, a price-to-earnings ratio of 149.77, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99. 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) last posted 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 return on equity of 17.11% and a net margin of 12.97%. Research analysts anticipate that ServiceNow will post 8.94 EPS for the current year.

ServiceNow declared that its board 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,702 shares of company stock valued at $20,965,306. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in the business. Czech National Bank lifted its holdings in shares of ServiceNow by 7.4% in the 3rd quarter. Czech National Bank now owns 41,964 shares of the information technology services provider’s stock valued at $37,532,000 after buying an additional 2,900 shares during the period. WealthBridge Capital Management LLC purchased a new stake in shares of ServiceNow during the 3rd quarter worth $221,000. Miracle Mile Advisors LLC grew its stake in shares of ServiceNow by 90.6% during the 3rd quarter. Miracle Mile Advisors LLC now owns 4,381 shares of the information technology services provider’s stock worth $3,918,000 after purchasing an additional 2,082 shares during the period. Security National Bank increased its holdings in shares of ServiceNow by 820.8% in the 3rd quarter. Security National Bank now owns 1,860 shares of the information technology services provider’s stock valued at $1,664,000 after purchasing an additional 1,658 shares in the last quarter. Finally, Verde Servicos Internacionais S.A. lifted its stake in shares of ServiceNow by 72.9% in the third quarter. Verde Servicos Internacionais S.A. now owns 12,709 shares of the information technology services provider’s stock valued at $11,367,000 after purchasing an additional 5,359 shares during the period. Hedge funds and other institutional investors 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.