Needham & Company LLC Cuts ServiceNow (NYSE:NOW) Price Target to $1,050.00

ServiceNow (NYSE:NOW - Get Free Report) had its price objective reduced by equities researchers at Needham & Company LLC from $1,200.00 to $1,050.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the information technology services provider's stock. Needham & Company LLC's price target indicates a potential upside of 10.98% from the company's current price.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group dropped their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Stifel Nicolaus set a $975.00 price objective on ServiceNow and gave the company a "buy" rating in a research note on Thursday. Piper Sandler reduced their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research note on Thursday. Truist Financial decreased 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. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have issued a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,032.94.

ServiceNow Trading Up 0.8 %

NOW stock traded up $7.51 during midday trading on Thursday, reaching $946.08. 2,886,611 shares of the company's stock traded hands, compared to its average volume of 1,504,540. 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 fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The business has a 50-day moving average price of $838.68 and a two-hundred day moving average price of $967.87. The company has a market capitalization of $195.84 billion, a P/E ratio of 138.52, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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%. Equities research analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company's stock, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock valued at $19,853,273 over the last three months. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in ServiceNow by 87,501.3% in 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 buying an additional 2,686,291 shares during the last quarter. Norges Bank bought a new stake in ServiceNow in the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its position in 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 purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the fourth quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 6.8% during the fourth 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 acquiring an additional 509,467 shares during the period. Institutional investors and hedge funds 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.