Piper Sandler Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its price target reduced by Piper Sandler from $1,200.00 to $1,120.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. Piper Sandler's price target would suggest a potential upside of 21.33% from the stock's previous close.

NOW has been the subject of a number of other research reports. Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research report on Tuesday, March 11th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday. Finally, Evercore ISI boosted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday. One equities 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, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,029.00.

ServiceNow Trading Up 13.6 %

Shares of ServiceNow stock traded up $110.44 during midday trading on Thursday, reaching $923.14. 2,302,307 shares of the company's stock traded hands, compared to its average volume of 1,492,953. The company has a market cap of $191.09 billion, a PE ratio of 136.18, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The stock has a 50 day moving average of $840.59 and a 200-day moving average of $967.11. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow announced that its Board of Directors has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was 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 directly owns 1,737 shares of the company's stock, valued at $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock valued at $19,853,273 over the last quarter. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter worth $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. grew its position in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the fourth quarter worth about $34,000. 87.18% of the stock is currently owned by institutional investors.

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.

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