ServiceNow (NYSE:NOW) Given New $1,000.00 Price Target at Raymond James

ServiceNow (NYSE:NOW) had its target price trimmed by Raymond James from $1,200.00 to $1,000.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other equities analysts also recently weighed in on NOW. Robert W. Baird lowered their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, UBS Group reduced their price objective on shares of 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. One investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,073.93.

ServiceNow Stock Performance

Shares of NOW stock opened at $784.01 on Tuesday. The firm has a market cap of $161.51 billion, a PE ratio of 114.79, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company’s fifty day simple moving average is $880.00 and its 200-day simple moving average is $973.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts expect that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Large investors have recently bought and sold shares of the company. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter worth about $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the 4th quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter valued at approximately $34,000. Finally, FPC Investment Advisory Inc. raised its stake in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. 87.18% of the stock is currently owned by 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.