ServiceNow (NYSE:NOW) Price Target Lowered to $1,025.00 at Bank of America

ServiceNow (NYSE:NOW) had its price target reduced by Bank of America from $1,280.00 to $1,025.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Bank of America‘s price objective would indicate a potential upside of 24.75% from the stock’s previous close.

A number of other research analysts have also recently commented on NOW. Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial cut their price target on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Robert W. Baird reduced their price objective on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. 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 issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,059.80.

ServiceNow Price Performance

ServiceNow stock traded up $21.80 during midday trading on Tuesday, reaching $821.62. 650,469 shares of the stock were exchanged, compared to its average volume of 1,464,913. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 market cap of $170.08 billion, a PE ratio of 120.30, a PEG ratio of 4.51 and a beta of 1.08. The company’s fifty day moving average is $870.99 and its 200-day moving average is $973.31.

ServiceNow (NYSE:NOW) last announced 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%. On average, sell-side analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 292 shares of the 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 transaction of $297,124.60. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % 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, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $27,000. Atala Financial Inc bought a new stake in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the 4th quarter valued at $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter worth $34,000. Finally, FPC Investment Advisory Inc. raised its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the period. Institutional investors 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.