Wall Street Zen Downgrades ServiceNow (NYSE:NOW) to Hold

ServiceNow (NYSE:NOW) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. DA Davidson set a $1,250.00 price target on shares of ServiceNow in a research report on Thursday. Bank of America lifted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,200.00 price target on shares of ServiceNow in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,159.66.

ServiceNow Trading Down 1.8%

Shares of NYSE:NOW opened at $918.22 on Friday. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market cap of $190.59 billion, a PE ratio of 111.03, a P/E/G ratio of 4.11 and a beta of 0.92. The business has a 50 day moving average of $922.19 and a 200-day moving average of $948.78. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow’s stock is going to split before the market opens on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly minted shares will be issued to shareholders after the closing bell on Thursday, December 4th.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.21 by $0.61. ServiceNow had a return on equity of 19.23% and a net margin of 13.66%.The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the company posted $3.72 earnings per share. The business’s revenue was up 21.8% on a year-over-year basis. As a group, equities research analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 17,980 shares of company stock valued at $16,049,017. 0.38% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Haverford Trust Co grew its stake in shares of ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after buying an additional 10 shares during the last quarter. Ascent Group LLC grew its stake in shares of ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after buying an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. grew its stake in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC grew its stake in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after buying an additional 11 shares during the last quarter. Finally, one8zero8 LLC grew its stake in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after buying an additional 11 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

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.