BMO Capital Markets Cuts ServiceNow (NYSE:NOW) Price Target to $950.00

ServiceNow (NYSE:NOW - Free Report) had its price target decreased by BMO Capital Markets from $990.00 to $950.00 in a research report report published on Tuesday, MarketBeat.com reports. BMO Capital Markets currently has an outperform rating on the information technology services provider's stock.

NOW has been the topic of several other research reports. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Guggenheim reaffirmed a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, April 16th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. The Goldman Sachs Group lowered their price objective on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. lifted their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,032.94.

ServiceNow Stock Up 0.8 %

NOW stock traded up $7.51 during trading on Tuesday, reaching $946.08. 2,886,611 shares of the stock were exchanged, compared to its average volume of 1,511,782. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm's 50 day moving average is $839.67 and its 200 day moving average is $967.34. The firm has a market cap of $195.84 billion, a P/E ratio of 138.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

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, hitting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,250 shares of company stock valued at $19,853,273. Company insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in ServiceNow in the 3rd quarter worth approximately $9,833,000. Anchor Investment Management LLC grew its position in shares of ServiceNow by 6.1% during the 3rd 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 in the last quarter. Stock Yards Bank & Trust Co. bought a new position in shares of ServiceNow in the third quarter worth $202,000. World Investment Advisors LLC raised its position in shares of ServiceNow by 585.8% in the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock worth $5,857,000 after buying an additional 5,594 shares in the last quarter. Finally, Sfmg LLC bought a new stake in ServiceNow during the third quarter valued at $226,000. 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.