Canaccord Genuity Group Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its target price dropped by analysts at Canaccord Genuity Group from $1,275.00 to $900.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the information technology services provider's stock. Canaccord Genuity Group's price target points to a potential upside of 18.53% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Citigroup dropped their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a report on Tuesday, February 4th. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Truist Financial cut their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a "hold" rating for the company in a report on Monday, March 31st. Jefferies Financial Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Robert W. Baird decreased their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,042.23.

ServiceNow Price Performance

Shares of NYSE NOW opened at $759.29 on Tuesday. The firm has a market cap of $157.17 billion, a P/E ratio of 111.21, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $848.45 and a 200 day moving average of $969.57.

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

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now owns 40,638 shares of the company's stock, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. boosted its stake in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after buying an additional 1,105 shares during the period. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow in the 4th quarter valued at $105,090,000. Rheos Capital Works Inc. acquired a new stake in shares of ServiceNow during the 4th quarter worth about $10,071,000. Finally, Czech National Bank grew its holdings in shares of ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock worth $47,486,000 after purchasing an additional 2,829 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

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.

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