ServiceNow (NYSE:NOW) Sets New 52-Week Low After Analyst Downgrade

ServiceNow, Inc. (NYSE:NOW) shares reached a new 52-week low on Wednesday after Oppenheimer lowered their price target on the stock from $230.00 to $200.00. Oppenheimer currently has an outperform rating on the stock. ServiceNow traded as low as $135.40 and last traded at $135.6140, with a volume of 3163058 shares. The stock had previously closed at $138.19.

A number of other brokerages have also recently issued reports on NOW. Arete raised shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $200.00 target price on the stock in a report on Tuesday, January 6th. BMO Capital Markets lowered their target price on shares of ServiceNow from $232.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. JPMorgan Chase & Co. lifted their price target on ServiceNow from $204.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. BTIG Research restated a “buy” rating and issued a $200.00 price objective on shares of ServiceNow in a report on Monday, December 22nd. Finally, TD Cowen dropped their target price on ServiceNow from $250.00 to $230.00 and set a “buy” rating for the company in a report on Friday, December 26th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $215.97.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,525 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $163.51, for a total value of $249,352.75. Following the transaction, the insider owned 2,705 shares in the company, valued at $442,294.55. The trade was a 36.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $161.60, for a total transaction of $242,400.00. Following the sale, the director owned 47,930 shares of the company’s stock, valued at approximately $7,745,488. This represents a 3.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 15,310 shares of company stock valued at $2,533,585 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of ServiceNow

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Nordea Investment Management AB raised its position in ServiceNow by 388.7% during the fourth quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider’s stock valued at $720,325,000 after purchasing an additional 3,743,087 shares during the period. Norges Bank bought a new stake in ServiceNow in the second quarter worth $2,589,235,000. SG Americas Securities LLC boosted its stake in ServiceNow by 11,128.7% during the fourth quarter. SG Americas Securities LLC now owns 1,805,467 shares of the information technology services provider’s stock worth $276,579,000 after buying an additional 1,789,388 shares during the period. Sarasin & Partners LLP raised its stake in shares of ServiceNow by 386.2% in the fourth quarter. Sarasin & Partners LLP now owns 1,233,408 shares of the information technology services provider’s stock valued at $188,946,000 after acquiring an additional 979,740 shares during the period. Finally, Congress Asset Management Co. boosted its stake in shares of ServiceNow by 385.4% during the 4th quarter. Congress Asset Management Co. now owns 847,477 shares of the information technology services provider’s stock worth $129,825,000 after purchasing an additional 672,898 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $140.75 billion, a P/E ratio of 82.16, a P/E/G ratio of 2.45 and a beta of 0.98. The firm’s fifty day moving average is $160.39 and its 200 day moving average is $177.18.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.