ServiceNow (NYSE:NOW) Price Target Lowered to $1,025.00 at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its price objective lowered by equities research analysts at Jefferies Financial Group from $1,250.00 to $1,025.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 28.10% from the stock’s current price.

A number of other equities research analysts also recently issued reports on NOW. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Scotiabank reduced their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Citigroup reduced their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,061.00.

ServiceNow Trading Up 1.8 %

Shares of NOW stock opened at $800.18 on Tuesday. The stock’s 50-day moving average price is $870.99 and its 200-day moving average price is $973.31. ServiceNow has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a market capitalization of $165.64 billion, a price-to-earnings ratio of 117.16, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities research analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NOW. Quarry LP purchased a new stake in ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc purchased a new position in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow in the 4th quarter valued at approximately $32,000. FPC Investment Advisory Inc. raised its position in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new stake in ServiceNow during the fourth quarter worth $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.