ServiceNow (NYSE:NOW) Stock Price Down 1.9% – Here’s What Happened

ServiceNow, Inc. (NYSE:NOW) shares were down 1.9% during trading on Monday . The stock traded as low as $121.29 and last traded at $122.0360. Approximately 20,257,393 shares changed hands during trading, an increase of 1% from the average daily volume of 20,060,326 shares. The stock had previously closed at $124.34.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BTIG Research restated a “buy” rating and set a $200.00 target price on shares of ServiceNow in a research note on Thursday, January 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of ServiceNow in a report on Thursday, January 29th. Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a research note on Thursday, January 22nd. Jefferies Financial Group cut their price objective on shares of ServiceNow from $230.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Finally, Capital One Financial decreased their price objective on shares of ServiceNow from $188.00 to $161.00 and set an “overweight” rating for the company in a research report on Friday, January 16th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $192.06.

ServiceNow Stock Down 1.9%

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $127.65 billion, a price-to-earnings ratio of 73.16, a PEG ratio of 2.10 and a beta of 0.99. The business’s 50 day moving average price is $122.89 and its 200 day moving average price is $157.18.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.03. The firm had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.53 billion. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 EPS. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In related news, insider Kevin Thomas Mcbride sold 1,400 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $105.71, for a total transaction of $147,994.00. Following the completion of the sale, the insider owned 26,314 shares of the company’s stock, valued at approximately $2,781,652.94. This represents a 5.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $101.17, for a total value of $151,755.00. Following the transaction, the director owned 46,430 shares in the company, valued at approximately $4,697,323.10. This represents a 3.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,237 shares of company stock valued at $1,697,162 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOW. Kilter Group LLC purchased a new stake in shares of ServiceNow in the second quarter valued at about $25,000. IAG Wealth Partners LLC raised its position in shares of ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 18 shares during the period. Noble Wealth Management PBC lifted its holdings in ServiceNow by 400.0% in the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 128 shares during the last quarter. Millstone Evans Group LLC grew its position in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 132 shares during the period. Finally, CBIZ Investment Advisory Services LLC raised its position in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.