ServiceNow (NYSE:NOW) Given New $990.00 Price Target at BMO Capital Markets

ServiceNow (NYSE:NOW) had its price objective reduced by BMO Capital Markets from $1,185.00 to $990.00 in a research note issued to investors on Friday, MarketBeat.com reports. BMO Capital Markets currently has an outperform rating on the information technology services provider’s stock.

A number of other analysts have also issued reports on NOW. Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Mizuho reduced their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. Finally, Truist Financial dropped their target price on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,086.00.

ServiceNow Trading Down 6.9 %

ServiceNow stock opened at $720.69 on Friday. ServiceNow has a 52 week low of $637.99 and a 52 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 firm has a market capitalization of $148.46 billion, a price-to-earnings ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a 50 day moving average price of $917.80 and a 200 day moving average price of $979.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. 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 buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % 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 hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on 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 in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors have recently made changes to their positions in NOW. World Investment Advisors LLC lifted its stake in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Norges Bank bought a new position in shares of ServiceNow during the 4th quarter worth approximately $2,603,360,000. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the fourth quarter valued at $682,468,000. Finally, Wellington Management Group LLP raised its stake in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 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.