ServiceNow (NYSE:NOW) Stock Price Up 2.3% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) traded up 2.3% on Monday . The company traded as high as $1,033.10 and last traded at $1,031.00. 341,506 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,635,746 shares. The stock had previously closed at $1,008.29.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. TD Cowen upped their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Stifel Nicolaus lifted their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Scotiabank assumed coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Down 2.7 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $202.17 billion, a PE ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99. The stock has a fifty day moving average of $1,078.82 and a 200 day moving average of $969.48.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share repurchase 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $1,010.46, for a total transaction of $419,340.90. Following the sale, the director now owns 1,322 shares in the company, valued at approximately $1,335,828.12. This represents a 23.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,224 shares of company stock valued at $25,593,525 over the last 90 days. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ServiceNow

Several hedge funds and other institutional investors have recently made changes to their positions in NOW. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter valued at about $28,000. Truvestments Capital LLC bought a new position in ServiceNow in the third quarter worth approximately $30,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow during the 4th quarter worth $32,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.