Robert W. Baird Lowers ServiceNow (NYSE:NOW) Price Target to $1,010.00

ServiceNow (NYSE:NOW - Get Free Report) had its target price cut by investment analysts at Robert W. Baird from $1,200.00 to $1,010.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm presently has an "outperform" rating on the information technology services provider's stock. Robert W. Baird's price target points to a potential upside of 26.79% from the stock's current price.

Several other equities research analysts have also recently commented on NOW. TD Cowen boosted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Truist Financial raised their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a research note on Thursday, December 12th. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Wells Fargo & Company raised their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. 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 company's stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,093.76.

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ServiceNow Stock Down 3.8 %

Shares of NOW traded down $31.13 during midday trading on Wednesday, hitting $796.61. The stock had a trading volume of 1,758,174 shares, compared to its average volume of 1,408,303. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a 50 day simple moving average of $950.30 and a two-hundred day simple moving average of $984.09. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts anticipate that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share repurchase 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 stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Polymer Capital Management HK LTD grew its stake in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock worth $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in ServiceNow in the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its position in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in shares of ServiceNow during the fourth quarter worth about $10,071,000. 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.