ServiceNow (NYSE:NOW) Price Target Lowered to $1,000.00 at UBS Group

ServiceNow (NYSE:NOW) had its price objective reduced by UBS Group from $1,250.00 to $1,000.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Several other research firms also recently weighed in on NOW. Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. Oppenheimer lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Scotiabank started 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. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Finally, KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

ServiceNow Stock Up 3.4 %

Shares of NYSE:NOW opened at $810.27 on Tuesday. The business has a 50-day moving average price of $1,006.72 and a 200 day moving average price of $985.52. 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 market capitalization of $166.92 billion, a price-to-earnings ratio of 118.63, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently made changes to their positions in NOW. TFR Capital LLC. purchased a new position in ServiceNow during the fourth quarter worth about $528,000. Park Square Financial Group LLC purchased a new position in ServiceNow during the fourth quarter worth about $153,000. Menard Financial Group LLC purchased a new position in ServiceNow during the fourth quarter worth about $198,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in ServiceNow during the fourth quarter worth about $240,389,000. Finally, Brucke Financial Inc. purchased a new position in ServiceNow during the fourth quarter worth about $320,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.