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

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

A number of other equities research analysts have also recently weighed in on NOW. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday. Canaccord Genuity Group boosted their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday. Robert W. Baird dropped their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,129.93.

ServiceNow Trading Up 0.7 %

Shares of NYSE:NOW opened at $1,020.17 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $1,083.66 and its 200 day moving average price is $954.46. The company has a market cap of $210.16 billion, a PE ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week 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 for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. Sell-side analysts anticipate that ServiceNow will post 8.98 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a share repurchase plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 over the last three months. 0.25% of the stock is owned by corporate insiders.

Institutional Trading of ServiceNow

Several large investors have recently made changes to their positions in NOW. Truvestments Capital LLC bought a new stake in ServiceNow during the third quarter worth approximately $30,000. DT Investment Partners LLC lifted its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter worth $37,000. Stonebridge Financial Group LLC acquired a new position in ServiceNow in the 4th quarter valued at $37,000. Finally, Oakworth Capital Inc. lifted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. 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.