KeyCorp Downgrades ServiceNow (NYSE:NOW) to Sector Weight

KeyCorp cut shares of ServiceNow (NYSE:NOW - Free Report) from an overweight rating to a sector weight rating in a research note issued to investors on Friday, Marketbeat Ratings reports.

NOW has been the topic of several other reports. Jefferies Financial Group lifted their target price on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Piper Sandler boosted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Royal Bank of Canada increased their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Oppenheimer boosted their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Finally, Truist Financial lifted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,034.96.

ServiceNow Trading Down 2.4 %

NYSE NOW traded down $27.32 during trading on Friday, hitting $1,121.10. 1,338,722 shares of the company's stock traded hands, compared to its average volume of 1,279,650. The stock has a fifty day moving average of $1,002.75 and a two-hundred day moving average of $868.23. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,157.90. The firm has a market cap of $230.95 billion, a P/E ratio of 178.64, a PEG ratio of 6.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow's quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 EPS. As a group, sell-side analysts expect that ServiceNow will post 7.07 EPS for the current year.

Insider Activity

In related news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock valued at $20,861,626 in the last 90 days. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Catalyst Financial Partners LLC increased its position in shares of ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider's stock valued at $1,025,000 after purchasing an additional 11 shares during the last quarter. First Affirmative Financial Network increased its holdings in ServiceNow by 1.4% during the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider's stock valued at $801,000 after buying an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider's stock worth $84,000 after acquiring an additional 12 shares during the period. BluePointe Capital Management LLC boosted its stake in shares of ServiceNow by 0.6% during the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider's stock worth $1,801,000 after acquiring an additional 12 shares during the last quarter. Finally, Morling Financial Advisors LLC grew its position in shares of ServiceNow by 2.5% during the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider's stock valued at $415,000 after acquiring an additional 13 shares during the period. Institutional investors 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.