TD Cowen Cuts ServiceNow (NYSE:NOW) Price Target to $230.00

ServiceNow (NYSE:NOW) had its price target reduced by TD Cowen from $250.00 to $230.00 in a research report released on Friday,MarketScreener reports. TD Cowen currently has a buy rating on the information technology services provider’s stock.

Several other equities analysts have also recently weighed in on the company. DZ Bank upgraded ServiceNow to a “strong-buy” rating in a report on Thursday, December 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $240.00 price target on shares of ServiceNow in a research note on Thursday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $230.00 price target on shares of ServiceNow in a research report on Thursday, October 30th. DA Davidson set a $220.00 price objective on ServiceNow and gave the company a “buy” rating in a report on Tuesday, December 16th. Finally, UBS Group reissued a “buy” rating on shares of ServiceNow in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $223.53.

ServiceNow Stock Up 0.9%

ServiceNow stock opened at $153.92 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.13. ServiceNow has a 1-year low of $135.73 and a 1-year high of $239.62. The company has a fifty day simple moving average of $169.29 and a 200 day simple moving average of $181.49. The company has a market cap of $159.83 billion, a P/E ratio of 93.06, a price-to-earnings-growth ratio of 3.20 and a beta of 0.97.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $161.60, for a total value of $242,400.00. Following the transaction, the director owned 47,930 shares in the company, valued at approximately $7,745,488. This represents a 3.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 2,085 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $161.60, for a total transaction of $336,936.00. Following the completion of the transaction, the chief financial officer directly owned 63,215 shares in the company, valued at approximately $10,215,544. This represents a 3.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 15,310 shares of company stock valued at $2,533,585. 0.34% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

Several hedge funds have recently added to or reduced their stakes in NOW. Klingman & Associates LLC increased its position in ServiceNow by 22.2% during the 2nd quarter. Klingman & Associates LLC now owns 533 shares of the information technology services provider’s stock valued at $548,000 after buying an additional 97 shares in the last quarter. Ethic Inc. boosted its holdings in ServiceNow by 1.6% in the second quarter. Ethic Inc. now owns 25,496 shares of the information technology services provider’s stock worth $26,067,000 after acquiring an additional 397 shares in the last quarter. Howard Capital Management Inc. grew its stake in shares of ServiceNow by 32.0% in the second quarter. Howard Capital Management Inc. now owns 1,465 shares of the information technology services provider’s stock worth $1,506,000 after acquiring an additional 355 shares during the last quarter. Chicago Capital LLC increased its holdings in shares of ServiceNow by 1.0% during the second quarter. Chicago Capital LLC now owns 78,951 shares of the information technology services provider’s stock valued at $81,168,000 after acquiring an additional 744 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. increased its holdings in shares of ServiceNow by 128.8% during the second quarter. ASR Vermogensbeheer N.V. now owns 55,394 shares of the information technology services provider’s stock valued at $56,944,000 after acquiring an additional 31,181 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.