Morgan Stanley Downgrades ServiceNow (NYSE:NOW) to Equal Weight

Morgan Stanley lowered shares of ServiceNow (NYSE:NOW) from an overweight rating to an equal weight rating in a research note released on Monday, MarketBeat Ratings reports. The firm currently has $960.00 price objective on the information technology services provider’s stock, up from their previous price objective of $900.00.

Other research analysts have also recently issued research reports about the company. BMO Capital Markets increased their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. increased their price objective on ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Piper Sandler increased their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Mizuho increased their price objective on ServiceNow from $850.00 to $980.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Citigroup increased their price objective on ServiceNow from $915.00 to $1,068.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $970.22.

ServiceNow Stock Up 5.4 %

NOW opened at $956.40 on Monday. ServiceNow has a 1-year low of $527.24 and a 1-year high of $979.78. The stock’s fifty day simple moving average is $880.60 and its 200 day simple moving average is $795.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market cap of $197.02 billion, a PE ratio of 172.95, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. As a group, research analysts expect that ServiceNow will post 7.41 earnings per share for the current year.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 135 shares of ServiceNow stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the sale, the director now directly owns 10,767 shares in the company, valued at $8,850,474. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,467 shares of company stock valued at $4,450,447 over the last ninety days. 0.25% of the stock is owned by corporate insiders.

Institutional Trading of ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. Creekmur Asset Management LLC bought a new position in shares of ServiceNow during the first quarter worth about $25,000. Versant Capital Management Inc raised its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the last quarter. EntryPoint Capital LLC raised its position in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of ServiceNow during the second quarter worth about $32,000. Finally, DT Investment Partners LLC raised its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

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.