JPMorgan Chase & Co. Issues Pessimistic Forecast for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Free Report) had its price target lowered by JPMorgan Chase & Co. from $1,200.00 to $970.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider's stock.

A number of other equities analysts have also recently weighed in on NOW. StockNews.com lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. UBS Group decreased their target price on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a research note on Tuesday, March 11th. Wells Fargo & Company dropped their price target on ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Barclays decreased their price objective on ServiceNow from $1,200.00 to $967.00 and set an "overweight" rating for the company in a research report on Monday. Finally, 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 report on Wednesday, March 26th. 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's stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,032.94.

ServiceNow Trading Up 0.8 %

NYSE NOW traded up $7.51 on Tuesday, reaching $946.08. The company had a trading volume of 2,886,611 shares, compared to its average volume of 1,504,303. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock's 50 day moving average is $838.68 and its 200-day moving average is $967.51. 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 stock has a market cap of $195.84 billion, a price-to-earnings ratio of 138.52, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results 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%. Equities analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

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

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Larry Quinlan sold 415 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the transaction, the director now owns 1,737 shares in the company, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. Insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently modified their holdings of NOW. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter worth approximately $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow in the 4th quarter valued at $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter valued at $34,000. Finally, FPC Investment Advisory Inc. increased its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares during the period. Institutional investors 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.