ServiceNow, Inc. (NYSE:NOW – Get Free Report)’s stock price dropped 6.6% on Thursday after KeyCorp lowered their price target on the stock from $1,000.00 to $950.00. KeyCorp currently has an overweight rating on the stock. ServiceNow traded as low as $689.00 and last traded at $696.86. Approximately 1,380,634 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 1,187,097 shares. The stock had previously closed at $746.29.
Several other brokerages also recently weighed in on NOW. Truist Financial lifted their target price on shares of ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Barclays lifted their target price on shares of ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. BMO Capital Markets decreased their price objective on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a report on Thursday. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Finally, Wells Fargo & Company boosted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $782.85.
Insider Activity
In other news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the transaction, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock valued at $9,940,303 over the last 90 days. Insiders own 0.25% of the company’s stock.
Institutional Investors Weigh In On ServiceNow
Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after buying an additional 122,577 shares during the period. FMR LLC boosted its stake in shares of ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares during the period. Jennison Associates LLC boosted its stake in shares of ServiceNow by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after purchasing an additional 53,719 shares during the period. Norges Bank purchased a new position in shares of ServiceNow in the fourth quarter valued at $1,648,259,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of ServiceNow by 3.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after purchasing an additional 81,028 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
ServiceNow Stock Down 4.0 %
The firm has a market capitalization of $147.10 billion, a PE ratio of 84.27, a P/E/G ratio of 4.68 and a beta of 0.97. The firm’s 50 day moving average price is $761.32 and its two-hundred day moving average price is $706.74. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.
ServiceNow (NYSE:NOW – Get Free Report) last announced its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, research analysts forecast that ServiceNow, Inc. will post 6.16 EPS for the current fiscal year.
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.