JPMorgan Chase & Co. Lowers ServiceNow (NYSE:NOW) Price Target to $970.00

ServiceNow (NYSE:NOW - Free Report) had its price objective trimmed by JPMorgan Chase & Co. from $1,200.00 to $970.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider's stock.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Wednesday, April 16th. Wells Fargo & Company lowered their price objective on ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. BMO Capital Markets cut their price objective on ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research note on Tuesday. Truist Financial decreased their target price on shares of ServiceNow from $1,100.00 to $950.00 and set a "hold" rating for the company in a research report on Monday, March 31st. Finally, Stifel Nicolaus dropped their price target on shares of ServiceNow from $1,175.00 to $950.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,032.94.

ServiceNow Trading Up 0.8 %

Shares of NYSE:NOW traded up $7.51 during midday trading on Tuesday, hitting $946.08. 2,886,611 shares of the stock were exchanged, compared to its average volume of 1,504,540. The business's 50-day moving average price is $838.68 and its 200 day moving average price is $967.51. The stock has a market capitalization of $195.84 billion, a price-to-earnings ratio of 138.52, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. 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 (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts predict that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a share buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. The trade was a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock valued at $19,853,273 over the last 90 days. Insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in ServiceNow during the fourth quarter worth about $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $28,000. WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the last quarter. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $32,000. Finally, FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. 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.