Citigroup Cuts ServiceNow (NYSE:NOW) Price Target to $1,426.00

ServiceNow (NYSE:NOW - Get Free Report) had its target price reduced by investment analysts at Citigroup from $1,432.00 to $1,426.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the information technology services provider's stock. Citigroup's target price points to a potential upside of 38.95% from the company's current price.

NOW has been the topic of a number of other reports. Royal Bank of Canada reissued an "outperform" rating and issued a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. The Goldman Sachs Group boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Friday, January 10th. KeyCorp lowered ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. Robert W. Baird reduced their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. Finally, Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,129.72.

ServiceNow Price Performance

NOW traded up $16.12 during trading on Tuesday, hitting $1,026.25. The company's stock had a trading volume of 1,156,064 shares, compared to its average volume of 1,710,455. The firm has a market capitalization of $211.41 billion, a price-to-earnings ratio of 150.26, a P/E/G ratio of 4.74 and a beta of 0.99. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The business's fifty day simple moving average is $1,081.85 and its 200 day simple moving average is $961.18. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts forecast that ServiceNow will post 8.94 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the transaction, the director now directly owns 10,467 shares of the company's stock, valued at approximately $10,968,892.65. The trade was a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock valued at $21,016,751. Company insiders own 0.25% of the company's stock.

Institutional Trading of ServiceNow

A number of institutional investors have recently modified their holdings of the company. Truvestments Capital LLC bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $30,000. FPC Investment Advisory Inc. grew its position in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC bought a new stake in ServiceNow in the fourth quarter valued at approximately $34,000. DT Investment Partners LLC lifted its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in ServiceNow in the 4th quarter valued at about $37,000. 87.18% of the stock is currently owned by 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.