Mizuho Lowers ServiceNow (NYSE:NOW) Price Target to $1,100.00

ServiceNow (NYSE:NOW) had its target price cut by analysts at Mizuho from $1,210.00 to $1,100.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s price target would suggest a potential upside of 30.29% from the stock’s current price.

NOW has been the subject of several other reports. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Scotiabank started coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. Oppenheimer increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,114.24.

ServiceNow Stock Performance

Shares of NOW opened at $844.27 on Tuesday. 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 stock has a 50 day moving average price of $1,002.41 and a two-hundred day moving average price of $984.53. The firm has a market capitalization of $173.92 billion, a P/E ratio of 123.61, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow has a 52 week low of $637.99 and a 52 week 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 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%. Equities analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’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 directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD raised its holdings in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in ServiceNow in the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. raised its holdings in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. purchased a new position in ServiceNow in the 4th quarter worth approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow during the 4th quarter valued at $10,071,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.