ServiceNow (NOW) Stock Price Down 7.4%

ServiceNow, Inc. (NYSE:NOW) traded down 7.4% during trading on Tuesday . The company traded as low as $113.33 and last traded at $113.62. 3,975,100 shares changed hands during trading, an increase of 151% from the average session volume of 1,586,010 shares. The stock had previously closed at $122.66.

A number of equities research analysts have recently commented on the company. Credit Suisse Group assumed coverage on ServiceNow in a research report on Tuesday, September 5th. They set an “outperform” rating and a $135.00 price target on the stock. Robert W. Baird set a $120.00 price target on ServiceNow and gave the stock a “buy” rating in a research report on Friday, October 6th. BMO Capital Markets reaffirmed a “buy” rating and set a $127.00 price target on shares of ServiceNow in a research report on Friday, October 13th. Stifel Nicolaus raised their price target on ServiceNow from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, OTR Global raised ServiceNow to a “positive” rating in a research report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-nine have given a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $130.50.

The company has a debt-to-equity ratio of 2.10, a current ratio of 1.66 and a quick ratio of 1.66.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.06. The firm had revenue of $498.20 million during the quarter, compared to the consensus estimate of $491.62 million. ServiceNow had a negative return on equity of 22.11% and a negative net margin of 8.68%. The business’s revenue was up 39.3% compared to the same quarter last year. During the same period last year, the company earned $0.23 earnings per share. equities research analysts predict that ServiceNow, Inc. will post -0.35 earnings per share for the current fiscal year.

In other ServiceNow news, insider Michael Scarpelli sold 95,035 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $126.52, for a total value of $12,023,828.20. Following the completion of the transaction, the insider now directly owns 194,664 shares in the company, valued at $24,628,889.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frederic B. Luddy sold 82,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $116.13, for a total value of $9,580,725.00. Following the completion of the transaction, the director now owns 29,990 shares of the company’s stock, valued at $3,482,738.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 907,674 shares of company stock valued at $109,676,725. Corporate insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. IFM Investors Pty Ltd bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $514,000. Insight Capital Research & Management Inc. bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $3,584,000. Neuberger Berman Group LLC boosted its stake in shares of ServiceNow by 0.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 234,855 shares of the information technology services provider’s stock worth $27,603,000 after acquiring an additional 1,252 shares during the period. California Public Employees Retirement System boosted its stake in shares of ServiceNow by 4.8% during the 3rd quarter. California Public Employees Retirement System now owns 327,827 shares of the information technology services provider’s stock worth $38,530,000 after acquiring an additional 14,927 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in shares of ServiceNow by 115.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 10,705 shares of the information technology services provider’s stock worth $1,258,000 after acquiring an additional 5,743 shares during the period.

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About ServiceNow

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

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