ServiceNow (NYSE:NOW) Stock Price Down 2.1% – What’s Next?

ServiceNow, Inc. (NYSE:NOW) fell 2.1% during trading on Thursday . The company traded as low as $151.15 and last traded at $153.22. 9,622,740 shares changed hands during trading, an increase of 16% from the average session volume of 8,271,816 shares. The stock had previously closed at $156.48.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NOW shares. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Cowen reissued a “buy” rating on shares of ServiceNow in a research note on Friday, October 24th. Piper Sandler restated an “overweight” rating and issued a $230.00 price target on shares of ServiceNow in a report on Thursday, October 30th. BTIG Research started coverage on shares of ServiceNow in a report on Tuesday. They set a “buy” rating and a $200.00 target price for the company. Finally, Citigroup lifted their price target on shares of ServiceNow from $246.80 to $250.60 and gave the company a “buy” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $225.09.

ServiceNow Stock Down 2.1%

The stock has a market cap of $31.82 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 3.26 and a beta of 0.97. The firm has a 50 day simple moving average of $865.53 and a 200-day simple moving average of $920.25. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $3.98. ServiceNow had a return on equity of 18.74% and a net margin of 13.66%.The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period in the previous year, the firm earned $0.74 EPS. The firm’s revenue was up 21.8% compared to the same quarter last year. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Lawrence Jackson sold 1,325 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $162.04, for a total value of $214,708.30. Following the transaction, the director owned 1,615 shares in the company, valued at approximately $261,701.06. This represents a 45.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the 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 completion of the transaction, the director directly owned 47,930 shares in the company, 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 a total of 15,310 shares of company stock worth $2,533,585 in the last quarter. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of ServiceNow

Several institutional investors have recently added to or reduced their stakes in the company. Kilter Group LLC acquired a new stake in shares of ServiceNow during the second quarter worth $25,000. IAG Wealth Partners LLC increased its position in ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 18 shares during the period. Global X Japan Co. Ltd. bought a new position in ServiceNow during the second quarter worth about $30,000. Total Investment Management Inc. acquired a new stake in ServiceNow in the 2nd quarter worth about $31,000. Finally, LGT Financial Advisors LLC bought a new stake in ServiceNow in the 2nd quarter valued at about $32,000. 87.18% of the stock is currently owned by institutional investors.

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.