ServiceNow (NYSE:NOW – Free Report) had its price objective reduced by Jefferies Financial Group from $1,250.00 to $1,025.00 in a report released on Tuesday, Marketbeat Ratings reports. They currently have a buy rating on the information technology services provider’s stock.
NOW has been the subject of a number of other research reports. Redburn Atlantic began coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Guggenheim restated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. BMO Capital Markets cut their price objective on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a report on Friday, April 4th. Raymond James lowered their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Finally, Scotiabank dropped their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,057.17.
View Our Latest Stock Analysis on ServiceNow
ServiceNow Price Performance
ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts predict that ServiceNow will post 8.93 earnings per share for the current year.
ServiceNow declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. This represents a 36.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock worth $19,853,273 over the last 90 days. Company insiders own 0.38% of the company’s stock.
Institutional Trading of ServiceNow
Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in shares of ServiceNow in the third quarter valued at about $9,833,000. Anchor Investment Management LLC boosted its holdings in ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock valued at $1,220,000 after purchasing an additional 78 shares during the period. Stock Yards Bank & Trust Co. acquired a new position in shares of ServiceNow during the 3rd quarter worth approximately $202,000. World Investment Advisors LLC increased its holdings in shares of ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock worth $5,857,000 after purchasing an additional 5,594 shares during the period. Finally, Sfmg LLC bought a new stake in shares of ServiceNow in the third quarter valued at approximately $226,000. 87.18% of the stock is owned by institutional investors and hedge funds.
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.
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