ServiceNow (NYSE:NOW) Stock Price Down 0.2% - What's Next?

ServiceNow, Inc. (NYSE:NOW - Get Free Report) shares were down 0.2% on Tuesday . The company traded as low as $974.00 and last traded at $984.74. Approximately 528,470 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 1,603,067 shares. The stock had previously closed at $986.63.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NOW shares. StockNews.com cut ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Redburn Atlantic initiated coverage on ServiceNow in a research note on Wednesday. They set a "buy" rating on the stock. JPMorgan Chase & Co. increased their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Cantor Fitzgerald began coverage on ServiceNow in a research report on Friday, January 17th. They issued an "overweight" rating and a $1,332.00 price objective on the stock. Finally, Sanford C. Bernstein raised their price objective on ServiceNow from $906.00 to $913.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,129.72.

ServiceNow Stock Performance

The stock has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.60 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. The stock's 50-day simple moving average is $1,058.36 and its 200-day simple moving average is $976.01.

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, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,023 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,280,016. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the 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 $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company's stock, valued at approximately $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. Over the last 90 days, insiders sold 15,806 shares of company stock valued at $16,065,122. Insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Large investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in ServiceNow in the fourth quarter worth $27,000. Atala Financial Inc acquired a new stake in ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the fourth quarter worth $32,000. Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the fourth quarter valued at about $34,000. Finally, Truvestments Capital LLC acquired a new position in shares of ServiceNow during the third quarter valued at about $30,000. 87.18% of the stock is currently 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.