Raymond James Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target lowered by Raymond James from $1,200.00 to $1,000.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the information technology services provider’s stock. Raymond James’ target price suggests a potential upside of 34.26% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Robert W. Baird cut their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. Guggenheim reissued a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, Piper Sandler raised their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,079.10.

ServiceNow Stock Performance

Shares of NYSE:NOW traded up $9.31 on Tuesday, hitting $744.81. The company’s stock had a trading volume of 1,093,808 shares, compared to its average volume of 1,439,797. The company has a market capitalization of $153.43 billion, a price-to-earnings ratio of 109.09, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock’s 50-day moving average is $909.68 and its two-hundred day moving average is $979.97.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts forecast that ServiceNow will post 8.93 EPS for the current year.

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 336 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. This represents a 7.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last ninety days. 0.25% of the stock is owned by insiders.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently bought and sold shares of the company. United Bank bought a new position in shares of ServiceNow during the third quarter valued at approximately $480,000. Arete Wealth Advisors LLC raised its holdings in ServiceNow by 47.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock worth $1,387,000 after acquiring an additional 500 shares during the last quarter. First National Bank of Omaha purchased a new stake in ServiceNow during the 3rd quarter valued at $209,000. Y Intercept Hong Kong Ltd purchased a new position in shares of ServiceNow in the third quarter worth approximately $551,000. Finally, Continuum Advisory LLC increased its position in ServiceNow by 46.9% in the third quarter. Continuum Advisory LLC now owns 141 shares of the information technology services provider’s stock worth $126,000 after buying an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.