Bank of America Cuts ServiceNow (NYSE:NOW) Price Target to $1,025.00

ServiceNow (NYSE:NOW - Get Free Report) had its price objective cut by analysts at Bank of America from $1,280.00 to $1,025.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the information technology services provider's stock. Bank of America's target price indicates a potential upside of 32.74% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. Oppenheimer raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Wells Fargo & Company cut their price target on shares of ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Mizuho reduced their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Finally, Robert W. Baird dropped their price target on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating for the company in a research report on Wednesday, March 26th. One 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 company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,057.17.

ServiceNow Stock Down 3.1 %

Shares of NYSE:NOW traded down $24.48 during trading hours on Tuesday, reaching $772.18. The stock had a trading volume of 1,802,088 shares, compared to its average volume of 1,480,412. The firm's 50 day moving average is $852.94 and its 200-day moving average is $969.52. The stock has a market capitalization of $159.84 billion, a price-to-earnings ratio of 113.06, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 1 year low of $637.99 and a 1 year 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, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts predict that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the company's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the sale, the director now owns 40,638 shares in the company, valued at $41,883,148.32. The trade was a 5.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,250 shares of company stock worth $19,853,273. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the fourth quarter valued at $32,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of ServiceNow during the 4th quarter worth about $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.