ServiceNow (NYSE:NOW) Given New $1,050.00 Price Target at The Goldman Sachs Group

ServiceNow (NYSE:NOW - Get Free Report) had its price objective lowered by research analysts at The Goldman Sachs Group from $1,200.00 to $1,050.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the information technology services provider's stock. The Goldman Sachs Group's price target points to a potential upside of 33.63% from the company's current price.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Guggenheim reissued a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,073.93.

Remove Ads

ServiceNow Price Performance

NYSE:NOW traded up $2.29 during mid-day trading on Thursday, reaching $785.78. 2,102,410 shares of the stock were exchanged, compared to its average volume of 1,464,960. 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 firm has a market capitalization of $162.66 billion, a PE ratio of 115.05, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. The business has a fifty day moving average price of $875.51 and a 200 day moving average price of $973.27.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts expect that ServiceNow will post 8.93 earnings per share for the current fiscal year.

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

Insider Activity

In related news, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the transaction, the director now directly owns 1,737 shares of the company's stock, valued at $1,749,871.17. The trade was a 19.28 % 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, insider Jacqueline P. Canney sold 455 shares of the company'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 transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC boosted its position in ServiceNow by 47.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider's stock valued at $1,387,000 after buying an additional 500 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of ServiceNow during the third quarter valued at $551,000. Continuum Advisory LLC boosted its holdings in ServiceNow by 46.9% in the third quarter. Continuum Advisory LLC now owns 141 shares of the information technology services provider's stock valued at $126,000 after acquiring an additional 45 shares during the last quarter. Soltis Investment Advisors LLC increased its position in ServiceNow by 3.5% in the third quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider's stock worth $508,000 after purchasing an additional 19 shares during the period. Finally, Virtu Financial LLC bought a new stake in ServiceNow during the 3rd quarter worth about $9,833,000. 87.18% of the stock is owned by institutional investors.

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.