ServiceNow (NYSE:NOW) Price Target Cut to $950.00 by Analysts at KeyCorp

ServiceNow (NYSE:NOW) had its target price reduced by KeyCorp from $1,000.00 to $950.00 in a report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

NOW has been the subject of a number of other research reports. Oppenheimer increased their target price on ServiceNow from $750.00 to $800.00 and gave the company an outperform rating in a report on Thursday, January 18th. William Blair reissued an outperform rating on shares of ServiceNow in a report on Thursday. Guggenheim reaffirmed a neutral rating on shares of ServiceNow in a research note on Monday, April 15th. Mizuho raised their target price on shares of ServiceNow from $750.00 to $820.00 and gave the stock a buy rating in a report on Thursday, January 25th. Finally, Citigroup lifted their price objective on shares of ServiceNow from $896.00 to $906.00 and gave the company a buy rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $782.85.

ServiceNow Stock Performance

NYSE NOW opened at $723.50 on Thursday. The stock has a market cap of $148.59 billion, a price-to-earnings ratio of 76.60, a price-to-earnings-growth ratio of 4.72 and a beta of 0.97. The business has a fifty day moving average of $760.05 and a 200-day moving average of $706.80. ServiceNow has a fifty-two week low of $427.68 and a fifty-two week high of $815.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 14.00% and a net margin of 20.34%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. ServiceNow’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, analysts predict that ServiceNow will post 6.16 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the transaction, the insider now owns 5,453 shares in the company, valued at $4,064,229.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares in the company, valued at $4,064,229.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ServiceNow

Hedge funds have recently modified their holdings of the stock. PFG Private Wealth Management LLC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at about $28,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in ServiceNow during the 4th quarter worth approximately $29,000. AdvisorNet Financial Inc increased its holdings in ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares during the last quarter. Steward Financial Group LLC increased its holdings in ServiceNow by 125.0% during the 3rd quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 35 shares during the last quarter. Finally, Princeton Global Asset Management LLC purchased a new stake in ServiceNow during the 3rd quarter worth approximately $35,000. 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.