ServiceNow (NYSE:NOW) Price Target Lowered to $970.00 at JPMorgan Chase & Co.

ServiceNow (NYSE:NOW) had its price objective reduced by JPMorgan Chase & Co. from $1,200.00 to $970.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

NOW has been the topic of a number of other reports. Canaccord Genuity Group decreased their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research note on Tuesday. Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. The Goldman Sachs Group dropped their price target on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. BMO Capital Markets lowered their price objective on shares of ServiceNow from $990.00 to $950.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,021.43.

ServiceNow Stock Up 1.4 %

Shares of NYSE NOW opened at $766.53 on Tuesday. The firm has a market cap of $158.67 billion, a P/E ratio of 112.23, a price-to-earnings-growth 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 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s 50 day moving average price is $843.99 and its 200 day moving average price is $968.16.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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%. As a group, sell-side analysts anticipate that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share repurchase program 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,250 shares of company stock worth $19,853,273. Insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after acquiring an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD grew 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 worth $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. FMR LLC increased its position in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.