ServiceNow (NYSE:NOW) Price Target Cut to $1,050.00 by Analysts at Scotiabank

ServiceNow (NYSE:NOW) had its price objective trimmed by Scotiabank from $1,230.00 to $1,050.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a sector outperform rating on the information technology services provider’s stock.

Other equities analysts have also issued reports about the stock. Redburn Atlantic began coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC upped their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Truist Financial upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, Mizuho dropped their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,108.03.

ServiceNow Stock Down 0.2 %

Shares of NOW stock opened at $843.03 on Monday. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a market cap of $173.66 billion, a P/E ratio of 123.43, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50 day simple moving average of $988.28 and a two-hundred day simple moving average of $985.78.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. On average, research analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Several institutional investors and hedge funds have recently bought and sold shares of NOW. Quarry LP acquired a new stake in ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc purchased a new position in ServiceNow in the 4th quarter valued at approximately $28,000. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the 4th quarter valued at approximately $32,000. Finally, FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. 87.18% of the stock is currently 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.