ServiceNow (NYSE:NOW) Given New $1,100.00 Price Target at Wells Fargo & Company

ServiceNow (NYSE:NOW - Free Report) had its price objective lowered by Wells Fargo & Company from $1,250.00 to $1,100.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the information technology services provider's stock.

A number of other research firms also recently issued reports on NOW. Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a "buy" rating on the stock. Truist Financial decreased their target price on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Oppenheimer raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. UBS Group lowered their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a report on Tuesday, March 11th. Finally, StockNews.com lowered ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,057.17.

ServiceNow Stock Down 3.1 %

Shares of NYSE NOW traded down $24.48 during midday trading on Monday, hitting $772.18. The stock had a trading volume of 1,802,088 shares, compared to its average volume of 1,480,412. The company has a market cap of $159.84 billion, a P/E ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $852.94 and its 200-day moving average is $969.52. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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 analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, analysts predict that ServiceNow will post 8.93 EPS for the current year.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now owns 3,649 shares of the company's stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,250 shares of company stock valued at $19,853,273. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Avidian Wealth Enterprises LLC grew its stake in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. grew its stake in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock worth $2,779,000 after purchasing an additional 11 shares during the period. TBH Global Asset Management LLC increased its stake in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after purchasing an additional 11 shares in the last quarter. Finally, Onefund LLC grew its holdings in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after purchasing an additional 11 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

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.