ServiceNow (NYSE:NOW) Price Target Lowered to $1,200.00 at Robert W. Baird

ServiceNow (NYSE:NOW - Get Free Report) had its price objective lowered by equities researchers at Robert W. Baird from $1,250.00 to $1,200.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the information technology services provider's stock. Robert W. Baird's price target would indicate a potential upside of 19.43% from the company's previous close.

Several other equities research analysts also recently issued reports on the company. TD Cowen increased their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Barclays upped their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Jefferies Financial Group increased their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the stock a "buy" rating in a report on Monday, December 2nd. Royal Bank of Canada boosted their price objective on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Finally, Guggenheim reissued a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,125.62.

ServiceNow Trading Down 12.1 %

Shares of NYSE:NOW traded down $138.84 during trading on Thursday, reaching $1,004.79. The stock had a trading volume of 3,164,597 shares, compared to its average volume of 1,489,258. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm's fifty day moving average is $1,085.21 and its 200 day moving average is $952.30. The stock has a market cap of $206.99 billion, a price-to-earnings ratio of 156.21, a P/E/G ratio of 5.11 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. As a group, equities analysts forecast that ServiceNow will post 7.06 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the business's stock in a transaction 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 sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock valued at $21,016,751 in the last quarter. Corporate insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of NOW. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. boosted its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Catalyst Financial Partners LLC grew its stake 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 worth $1,025,000 after purchasing an additional 11 shares during the period. Institute for Wealth Management LLC. increased its holdings in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after purchasing an additional 11 shares in the last quarter. Finally, First Affirmative Financial Network boosted its stake in shares of ServiceNow by 1.4% during the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider's stock worth $801,000 after acquiring an additional 12 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.

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