ServiceNow (NYSE:NOW) Given New $950.00 Price Target at Truist Financial

ServiceNow (NYSE:NOW - Get Free Report) had its price target decreased by Truist Financial from $1,100.00 to $950.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "hold" rating on the information technology services provider's stock. Truist Financial's target price suggests a potential upside of 15.20% from the stock's current price.

NOW has been the topic of a number of other research reports. Scotiabank cut their target price on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. TD Cowen increased their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Jefferies Financial Group decreased their target price on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,087.21.

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ServiceNow Trading Up 1.6 %

NYSE:NOW traded up $13.08 on Monday, reaching $824.64. 1,619,815 shares of the stock traded hands, compared to its average volume of 1,421,289. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09. 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 company's 50 day moving average is $939.07 and its 200-day moving average is $983.75. The firm has a market capitalization of $169.88 billion, a price-to-earnings ratio of 120.74, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts anticipate that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase 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 buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on 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 sale, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last ninety days. Company insiders own 0.25% of the company's stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock valued at $20,353,517,000 after buying an additional 190,430 shares during the last quarter. State Street Corp grew its holdings in shares of ServiceNow by 2.6% during the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC increased its position in shares of ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Finally, World Investment Advisors LLC lifted its holdings in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Institutional investors and hedge funds 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.