ServiceNow (NYSE:NOW) Price Target Lowered to $1,050.00 at Needham & Company LLC

ServiceNow (NYSE:NOW - Get Free Report) had its target price decreased by investment analysts at Needham & Company LLC from $1,200.00 to $1,050.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the information technology services provider's stock. Needham & Company LLC's price objective would indicate a potential upside of 11.98% from the stock's previous close.

NOW has been the topic of a number of other research reports. Morgan Stanley upped their price target on ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a report on Thursday. Guggenheim upped their target price on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a report on Thursday. Truist Financial cut their price target on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group cut their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,032.94.

ServiceNow Price Performance

Shares of NOW traded down $7.58 during mid-day trading on Thursday, hitting $937.68. The company's stock had a trading volume of 2,049,229 shares, compared to its average volume of 1,506,731. 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 has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market capitalization of $194.10 billion, a P/E ratio of 137.29, a P/E/G ratio of 4.51 and a beta of 1.08. The firm has a 50-day simple moving average of $838.68 and a 200 day simple moving average of $967.87.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the firm earned $3.41 EPS. The business's revenue was up 18.6% on a year-over-year basis. Analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company's stock, valued at $4,384,373.88. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 over the last ninety days. 0.38% of the stock is owned by company insiders.

Institutional Trading of ServiceNow

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank bought a new stake in shares of ServiceNow in the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC raised its holdings in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in ServiceNow during the 4th quarter valued at $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares in 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.