BMO Capital Markets Cuts ServiceNow (NYSE:NOW) Price Target to $990.00

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

NOW has been the topic of several other reports. Redburn Atlantic started coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. UBS Group dropped their target price on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. JPMorgan Chase & Co. raised their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,086.00.

ServiceNow Trading Down 6.9 %

Shares of NOW opened at $720.69 on Friday. 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 company has a market cap of $148.46 billion, a price-to-earnings ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.03. The stock has a fifty day moving average price of $917.80 and a two-hundred day moving average price of $979.99. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. Analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction 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 sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. World Investment Advisors LLC increased its holdings 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 buying an additional 4,771,830 shares during the last quarter. Norges Bank bought a new position in shares of ServiceNow in the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC increased its stake in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the 4th quarter valued at about $682,468,000. Finally, Wellington Management Group LLP lifted its stake in ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. Institutional investors 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.