Scotiabank Lowers ServiceNow (NYSE:NOW) Price Target to $1,050.00

ServiceNow (NYSE:NOW) had its target price cut by Scotiabank from $1,230.00 to $1,050.00 in a report issued on Monday,Benzinga reports. They currently have a sector outperform rating on the information technology services provider’s stock.

A number of other equities research analysts have also recently weighed in on NOW. Robert W. Baird reduced their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Piper Sandler lifted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,108.03.

ServiceNow Price Performance

Shares of NOW opened at $843.03 on Monday. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $173.66 billion, a PE ratio of 123.43, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 firm has a fifty day moving average price of $988.28 and a 200 day moving average price of $985.78.

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%. As a group, sell-side analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Corporate 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. NorthCrest Asset Manangement LLC lifted its stake in shares of ServiceNow by 28.1% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 1,383 shares of the information technology services provider’s stock valued at $1,467,000 after buying an additional 303 shares during the period. Members Wealth LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth $268,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of ServiceNow in the fourth quarter worth $87,593,000. Centaurus Financial Inc. increased its position in shares of ServiceNow by 83.0% in the fourth quarter. Centaurus Financial Inc. now owns 1,568 shares of the information technology services provider’s stock worth $1,662,000 after acquiring an additional 711 shares in the last quarter. Finally, Wealthedge Investment Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth $1,996,000. 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.