Raymond James Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Get Free Report) had its price target lowered by stock analysts at Raymond James from $1,200.00 to $1,000.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the information technology services provider's stock. Raymond James' target price would suggest a potential upside of 27.26% from the company's previous close.

Several other research firms have also issued reports on NOW. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. UBS Group cut their target price on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research report on Tuesday, March 11th. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Scotiabank reduced their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. Finally, The Goldman Sachs Group boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,073.93.

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ServiceNow Trading Up 0.3 %

NOW traded up $2.29 during midday trading on Tuesday, hitting $785.78. 2,102,410 shares of the company were exchanged, compared to its average volume of 1,464,960. The firm's 50 day moving average price is $875.51 and its 200-day moving average price is $973.27. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market capitalization of $162.66 billion, a P/E ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. Insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On ServiceNow

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