Barclays Cuts ServiceNow (NYSE:NOW) Price Target to $967.00

ServiceNow (NYSE:NOW - Get Free Report) had its price objective cut by investment analysts at Barclays from $1,200.00 to $967.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the information technology services provider's stock. Barclays's target price indicates a potential upside of 16.80% from the company's previous close.

Several other analysts also recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,048.00 target price on shares of ServiceNow in a report on Wednesday, April 16th. Morgan Stanley decreased their price objective on shares of ServiceNow from $960.00 to $881.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. StockNews.com downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Piper Sandler boosted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Guggenheim reissued a "sell" rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,021.43.

ServiceNow Stock Performance

NYSE:NOW traded up $61.07 during trading hours on Monday, reaching $827.90. 339,271 shares of the company's stock were exchanged, compared to its average volume of 1,477,376. The firm has a market capitalization of $171.38 billion, a price-to-earnings ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a 50-day moving average of $843.99 and a 200 day moving average of $968.16. 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 has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. Research analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares of the company's stock, valued at $2,435,554.47. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

Institutional investors have recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in shares of ServiceNow during the third quarter valued at $9,833,000. Anchor Investment Management LLC lifted its holdings in shares of ServiceNow by 6.1% during the third quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider's stock valued at $1,220,000 after purchasing an additional 78 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in shares of ServiceNow during the third quarter valued at $202,000. World Investment Advisors LLC lifted its holdings in shares of ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock valued at $5,857,000 after purchasing an additional 5,594 shares during the last quarter. Finally, Sfmg LLC purchased a new stake in shares of ServiceNow during the third quarter valued at $226,000. Institutional investors and hedge funds own 87.18% of the company's stock.

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.