ServiceNow (NYSE:NOW) Price Target Cut to $1,000.00 by Analysts at Raymond James

ServiceNow (NYSE:NOW) had its price objective cut by Raymond James from $1,200.00 to $1,000.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the information technology services provider’s stock.

Other analysts also recently issued research reports about the stock. JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Stifel Nicolaus cut their target price on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. BMO Capital Markets cut their price objective on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating for the company in a research report on Friday, April 4th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,079.10.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $724.94 on Tuesday. The business’s 50 day moving average price is $892.36 and its 200 day moving average price is $976.70. The company has a market cap of $149.34 billion, a price-to-earnings ratio of 106.14, a PEG ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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%. On average, research analysts predict that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share buyback 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Norges Bank purchased a new stake in ServiceNow in the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC boosted its holdings in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow during the fourth quarter worth approximately $682,468,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the period. 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.