ServiceNow (NYSE:NOW) Rating Lowered to Hold at Wall Street Zen

ServiceNow (NYSE:NOW) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

A number of other research firms also recently commented on NOW. Citigroup raised their target price on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Barclays set a $1,085.00 price target on shares of ServiceNow in a report on Wednesday, May 7th. Oppenheimer reaffirmed an “outperform” rating and set a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. UBS Group restated a “buy” rating and set a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $1,009.94 on Monday. The firm has a market cap of $209.04 billion, a PE ratio of 147.87, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. The firm’s 50 day simple moving average is $928.22 and its 200-day simple moving average is $974.13. ServiceNow has a one year low of $678.66 and a one year 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.

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

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 248 shares of ServiceNow stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the sale, the director now owns 10,643 shares in the company, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This trade represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 in the last quarter. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter worth $2,603,360,000. Nuveen LLC acquired a new position in shares of ServiceNow during the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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.