ServiceNow (NYSE:NOW) Price Target Lowered to $1,050.00 at Scotiabank

ServiceNow (NYSE:NOW) had its target price lowered by research analysts at Scotiabank from $1,230.00 to $1,050.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the information technology services provider’s stock. Scotiabank’s target price would suggest a potential upside of 24.95% from the company’s previous close.

NOW has been the subject of several other reports. UBS Group reduced their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Citigroup cut their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,108.03.

ServiceNow Stock Performance

NOW stock traded down $3.96 during trading on Monday, reaching $840.37. The company had a trading volume of 432,422 shares, compared to its average volume of 1,328,133. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a market cap of $173.12 billion, a price-to-earnings ratio of 123.25, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The firm has a 50-day simple moving average of $992.95 and a 200-day simple moving average of $985.70.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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%. As a group, sell-side analysts expect that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase plan 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Several hedge funds have recently made changes to their positions in NOW. Members Wealth LLC purchased a new stake in shares of ServiceNow during the 4th quarter worth $268,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $87,593,000. Centaurus Financial Inc. raised its holdings in shares of ServiceNow by 83.0% in the fourth quarter. Centaurus Financial Inc. now owns 1,568 shares of the information technology services provider’s stock worth $1,662,000 after acquiring an additional 711 shares during the last quarter. Wealthedge Investment Advisors LLC purchased a new position in ServiceNow in the 4th quarter valued at about $1,996,000. Finally, TFR Capital LLC. purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $528,000. 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.