ServiceNow (NYSE:NOW) Downgraded by StockNews.com to Hold

StockNews.com cut shares of ServiceNow (NYSE:NOW) from a buy rating to a hold rating in a research note released on Tuesday.

A number of other analysts have also recently issued reports on NOW. Truist Financial upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Sanford C. Bernstein increased their price target on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Down 1.3 %

NOW stock opened at $1,008.63 on Tuesday. The company’s 50 day moving average is $1,079.78 and its two-hundred day moving average is $968.21. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $207.78 billion, a P/E ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99.

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

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 81 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the sale, the general counsel now directly owns 6,843 shares in the company, valued at $6,956,183.22. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,809 shares of company stock valued at $25,174,184. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its holdings in ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after buying an additional 94 shares during the period. Procyon Advisors LLC boosted its position in shares of ServiceNow by 83.7% in the third quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock worth $1,788,000 after acquiring an additional 912 shares during the last quarter. Fiduciary Alliance LLC grew its holdings in ServiceNow by 31.4% in the third quarter. Fiduciary Alliance LLC now owns 427 shares of the information technology services provider’s stock valued at $382,000 after purchasing an additional 102 shares during the period. CX Institutional increased its position in ServiceNow by 1.2% during the third quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after purchasing an additional 13 shares during the last quarter. Finally, Wesbanco Bank Inc. raised its stake in ServiceNow by 40.8% during the third quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock worth $327,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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.