ServiceNow (NYSE:NOW) Stock Price Down 0.4% - Here's What Happened

Shares of ServiceNow, Inc. (NYSE:NOW - Get Free Report) were down 0.4% on Monday . The company traded as low as $966.60 and last traded at $985.67. Approximately 1,502,276 shares traded hands during trading, a decline of 15% from the average daily volume of 1,777,070 shares. The stock had previously closed at $989.48.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NOW shares. Redburn Atlantic started coverage on shares of ServiceNow in a research note on Wednesday. They issued a "buy" rating on the stock. Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Sanford C. Bernstein increased their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Jefferies Financial Group dropped their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Finally, Evercore ISI increased their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $1,129.72.

ServiceNow Stock Performance

The stock's 50-day moving average is $1,058.36 and its 200-day moving average is $976.01. The stock has a market cap of $199.45 billion, a price-to-earnings ratio of 141.76, a P/E/G ratio of 4.64 and a beta of 0.99. 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 issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Activity

In other news, insider Nicholas Tzitzon sold 313 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. World Investment Advisors LLC grew its holdings in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares during the period. Norges Bank acquired a new position in ServiceNow during the fourth quarter worth about $2,603,360,000. International Assets Investment Management LLC grew its holdings in ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider's stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. Bank of Montreal Can grew its holdings in ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider's stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the period. Finally, Proficio Capital Partners LLC grew its holdings in ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

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.