ServiceNow (NYSE:NOW) Given New $1,050.00 Price Target at The Goldman Sachs Group

ServiceNow (NYSE:NOW - Get Free Report) had its price objective cut by analysts at The Goldman Sachs Group from $1,200.00 to $1,050.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the information technology services provider's stock. The Goldman Sachs Group's target price would suggest a potential upside of 27.72% from the stock's current price.

Several other research firms have also recently commented on NOW. Guggenheim reaffirmed a "sell" rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. UBS Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a report on Tuesday, March 11th. Citigroup cut their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Piper Sandler upped their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Finally, Robert W. Baird reduced their target price on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,059.80.

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ServiceNow Stock Performance

NYSE:NOW traded up $22.28 during trading hours on Thursday, reaching $822.10. The stock had a trading volume of 664,260 shares, compared to its average volume of 1,465,121. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a market cap of $170.18 billion, a P/E ratio of 120.37, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50 day simple moving average of $870.99 and a 200 day simple moving average of $973.31.

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

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

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Several large investors have recently modified their holdings of NOW. Assenagon Asset Management S.A. increased its holdings in ServiceNow by 11.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 270,973 shares of the information technology services provider's stock valued at $215,732,000 after purchasing an additional 27,085 shares during the last quarter. MV Capital Management Inc. boosted its holdings in ServiceNow by 65.7% during the 1st quarter. MV Capital Management Inc. now owns 290 shares of the information technology services provider's stock valued at $231,000 after acquiring an additional 115 shares during the period. Trueblood Wealth Management LLC grew its position in ServiceNow by 16.8% in the 1st quarter. Trueblood Wealth Management LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 83 shares in the last quarter. Integral Investment Advisors Inc. increased its stake in ServiceNow by 22.5% during the first quarter. Integral Investment Advisors Inc. now owns 604 shares of the information technology services provider's stock worth $481,000 after purchasing an additional 111 shares during the period. Finally, Sarasin & Partners LLP acquired a new stake in shares of ServiceNow during the first quarter worth about $59,577,000. 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.