Canaccord Genuity Group Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target decreased by Canaccord Genuity Group from $1,275.00 to $900.00 in a report released on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the information technology services provider’s stock.

Several other analysts have also commented on the company. Guggenheim reiterated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, April 16th. Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. BMO Capital Markets decreased their price objective on shares of ServiceNow from $990.00 to $950.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Morgan Stanley lowered their target price on shares of ServiceNow from $960.00 to $881.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,021.43.

ServiceNow Stock Performance

NOW stock opened at $766.53 on Tuesday. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market cap of $158.67 billion, a price-to-earnings ratio of 112.23, a PEG 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. The firm has a 50-day simple moving average of $843.99 and a two-hundred day simple moving average of $968.16.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This trade represents a 10.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after purchasing an additional 190,430 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of ServiceNow by 6.8% in the fourth 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 buying an additional 509,467 shares in the last quarter. FMR LLC boosted its position 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 acquiring an additional 272,506 shares during the last quarter. Geode Capital Management LLC grew its stake in ServiceNow by 2.4% during the 4th 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 acquiring an additional 100,670 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Hedge funds and other 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.