Citigroup Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price objective dropped by Citigroup from $1,432.00 to $1,426.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective would indicate a potential upside of 38.95% from the stock’s previous close.

Other research analysts have also issued reports about the company. Piper Sandler upped their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Oppenheimer upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Mizuho upped their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Finally, Barclays upped their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,026.25 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $1,081.85 and a 200-day moving average of $961.18. The company has a market capitalization of $211.41 billion, a P/E ratio of 150.26, a P/E/G ratio of 4.74 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued 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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts predict that ServiceNow will post 8.94 EPS for the current year.

ServiceNow declared that its board has approved a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The shares were 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 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. Over the last three months, insiders sold 20,778 shares of company stock worth $21,042,138. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the stock. Polymer Capital Management HK LTD grew its stake in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow during the fourth quarter worth approximately $48,802,000. Avidian Wealth Enterprises LLC grew its stake in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the period. Venturi Wealth Management LLC grew its stake in ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares during the period. Finally, Cardano Risk Management B.V. acquired a new stake in ServiceNow during the fourth quarter worth approximately $105,090,000. Institutional investors and hedge funds 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.