ServiceNow (NYSE:NOW) Stock Price Up 2.3% - Here's What Happened

ServiceNow, Inc. (NYSE:NOW - Get Free Report) traded up 2.3% during mid-day trading on Wednesday . The stock traded as high as $843.52 and last traded at $827.36. 853,554 shares traded hands during trading, a decline of 51% from the average session volume of 1,758,782 shares. The stock had previously closed at $808.40.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Robert W. Baird dropped their target price on 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. Citigroup dropped their target price on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. Jefferies Financial Group lowered their price target on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, Needham & Company LLC upped their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,114.24.

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ServiceNow Trading Up 4.2 %

The stock has a market capitalization of $174.22 billion, a price-to-earnings ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a fifty day moving average of $992.95 and a 200-day moving average of $984.50.

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

ServiceNow declared that its Board of Directors has approved a stock 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 usually a sign that the company's board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Larry Quinlan sold 415 shares of the firm's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the transaction, the director now owns 1,737 shares of the company's stock, valued at $1,749,871.17. This trade represents a 19.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On ServiceNow

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