ServiceNow (NYSE:NOW) Shares Down 2.4%

ServiceNow, Inc. (NYSE:NOW) shares dropped 2.4% during trading on Tuesday . The stock traded as low as $704.09 and last traded at $704.09. Approximately 305,104 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,199,889 shares. The stock had previously closed at $721.16.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NOW. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Friday. Citigroup upped their price objective on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. JMP Securities reaffirmed a “market outperform” rating and set a $825.00 price objective on shares of ServiceNow in a report on Tuesday, April 23rd. BMO Capital Markets reduced their price objective on ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Finally, Truist Financial increased their price target on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $807.28.

ServiceNow Stock Performance

The stock’s 50 day moving average price is $758.35 and its 200 day moving average price is $711.15. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $142.40 billion, a price-to-earnings ratio of 75.30, a P/E/G ratio of 4.83 and a beta of 0.97.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 1,180 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the transaction, the insider now directly owns 1,392 shares in the company, valued at approximately $1,067,831.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. Insiders sold a total of 11,369 shares of company stock worth $8,538,300 in the last three months. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after acquiring an additional 122,577 shares during the last quarter. FMR LLC lifted its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after acquiring an additional 595,697 shares during the last quarter. Jennison Associates LLC lifted its position in ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after acquiring an additional 53,719 shares during the last quarter. Norges Bank acquired a new stake in ServiceNow during the fourth quarter worth approximately $1,648,259,000. Finally, Massachusetts Financial Services Co. MA lifted its position in ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after acquiring an additional 81,028 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.