StockNews.com Downgrades ServiceNow (NYSE:NOW) to Hold

ServiceNow (NYSE:NOW) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other equities analysts have also recently issued reports on NOW. Needham & Company LLC reiterated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Thursday. Oppenheimer upped their price objective on shares of ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. The Goldman Sachs Group upped their price objective on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Truist Financial upped their price objective on shares of ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $782.85.

ServiceNow Trading Up 0.9 %

Shares of NYSE:NOW traded up $6.69 during midday trading on Friday, hitting $722.94. 1,445,813 shares of the stock traded hands, compared to its average volume of 1,216,659. The stock has a market capitalization of $148.48 billion, a PE ratio of 77.32, a P/E/G ratio of 4.72 and a beta of 0.97. The business’s 50 day moving average is $759.21 and its two-hundred day moving average is $707.90. 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 has a one year low of $427.68 and a one year high of $815.32.

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

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Paul John Smith sold 1,180 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,164 shares of company stock worth $9,940,303. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Hedge funds and other institutional investors have recently modified their holdings of the company. PFG Private Wealth Management LLC purchased a new position in ServiceNow during the third quarter valued at $28,000. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow during the fourth quarter valued at $29,000. AdvisorNet Financial Inc grew its stake in ServiceNow by 266.7% during the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 32 shares in the last quarter. Steward Financial Group LLC grew its stake in ServiceNow by 125.0% during the third quarter. Steward Financial Group LLC now owns 63 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 35 shares in the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in ServiceNow during the third quarter valued at $35,000. 87.18% of the stock is 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.