ServiceNow (NYSE:NOW) Price Target Cut to $1,082.00 by Analysts at Citigroup

ServiceNow (NYSE:NOW - Free Report) had its target price trimmed by Citigroup from $1,426.00 to $1,082.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the information technology services provider's stock.

Several other equities analysts also recently weighed in on NOW. Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Robert W. Baird dropped 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 research note on Wednesday, March 26th. Wells Fargo & Company decreased their price objective on shares of ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating for the company in a report on Monday, April 14th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Finally, Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,029.00.

ServiceNow Stock Up 13.8 %

NYSE:NOW traded up $112.23 during mid-day trading on Tuesday, hitting $924.93. 2,362,969 shares of the company's stock were exchanged, compared to its average volume of 1,492,985. The company has a market cap of $191.46 billion, a PE ratio of 135.16, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The business has a fifty day moving average price of $840.59 and a 200 day moving average price of $967.11.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $2.31 EPS for the quarter, missing analysts' consensus estimates of $3.78 by ($1.47). ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. Equities analysts predict that ServiceNow will post 8.93 EPS for the current year.

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

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock valued at $19,853,273 over the last 90 days. Company insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank purchased a new stake in ServiceNow during the fourth quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its stake in shares of ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the 4th quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares in the last quarter. 87.18% of the stock is owned by 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.