BMO Capital Markets Cuts ServiceNow (NYSE:NOW) Price Target to $950.00

ServiceNow (NYSE:NOW) had its target price lowered by BMO Capital Markets from $990.00 to $950.00 in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 25.47% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Oppenheimer increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. UBS Group cut their target price on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Mizuho cut their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,054.73.

ServiceNow Trading Down 1.9 %

NYSE:NOW opened at $757.13 on Tuesday. 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 business’s 50-day simple moving average is $848.45 and its 200-day simple moving average is $969.57. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $156.73 billion, a PE ratio of 110.85, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

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%. Sell-side analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Director Larry Quinlan sold 415 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now owns 3,027 shares in the company, valued at $2,435,554.47. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,250 shares of company stock worth $19,853,273. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank bought a new position in shares of ServiceNow in the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC boosted its holdings in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in ServiceNow in the 4th quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. 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.