ServiceNow (NYSE:NOW) Trading Down 1.8% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW)’s share price fell 1.8% on Tuesday . The company traded as low as $1,009.40 and last traded at $1,007.99. 271,328 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 1,477,842 shares. The stock had previously closed at $1,026.86.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NOW. Raymond James dropped their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Mizuho dropped their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Citigroup upped their target price on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Stock Down 1.4%

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50 day simple moving average of $923.49 and a 200 day simple moving average of $973.88. The company has a market capitalization of $209.54 billion, a price-to-earnings ratio of 148.45, a PEG ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider now owns 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,716 shares of company stock worth $6,611,245. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after buying an additional 297,734 shares during the last quarter. 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 last quarter. FMR LLC lifted its stake in ServiceNow by 4.9% during 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 purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC boosted its holdings in ServiceNow by 2.4% in 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 purchasing an additional 100,670 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after purchasing an additional 188,292 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.