ServiceNow (NYSE:NOW) Price Target Cut to $1,025.00 by Analysts at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its price target trimmed by Jefferies Financial Group from $1,250.00 to $1,025.00 in a report issued on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the information technology services provider’s stock.

NOW has been the topic of a number of other research reports. Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Raymond James lowered their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th. Finally, Scotiabank cut their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,059.80.

ServiceNow Trading Up 2.2 %

Shares of ServiceNow stock opened at $817.37 on Tuesday. 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 moving average price of $866.88 and a 200 day moving average price of $972.23. The company has a market capitalization of $169.20 billion, a P/E ratio of 119.67, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 1 year low of $637.99 and a 1 year 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, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal 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 related news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was 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 in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp lifted its holdings in ServiceNow by 8.6% in the first quarter. Fifth Third Bancorp now owns 95,436 shares of the information technology services provider’s stock worth $75,980,000 after acquiring an additional 7,534 shares during the last quarter. Simon Quick Advisors LLC increased its position in ServiceNow by 18.0% in the first quarter. Simon Quick Advisors LLC now owns 1,504 shares of the information technology services provider’s stock worth $1,197,000 after buying an additional 229 shares during the period. Axecap Investments LLC increased its position in ServiceNow by 17.8% in the first quarter. Axecap Investments LLC now owns 5,118 shares of the information technology services provider’s stock worth $4,075,000 after buying an additional 773 shares during the period. Focus Financial Network Inc. boosted its holdings in shares of ServiceNow by 17.2% during the first quarter. Focus Financial Network Inc. now owns 20,645 shares of the information technology services provider’s stock valued at $16,436,000 after acquiring an additional 3,028 shares during the period. Finally, Northeast Investment Management grew its position in shares of ServiceNow by 15.0% during the first quarter. Northeast Investment Management now owns 26,428 shares of the information technology services provider’s stock worth $21,040,000 after acquiring an additional 3,443 shares during 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.