Piper Sandler Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW - Free Report) had its price target reduced by Piper Sandler from $1,200.00 to $1,120.00 in a research note published on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider's stock.

NOW has been the subject of several other reports. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Citigroup decreased their price objective on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Evercore ISI upped their price objective on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,032.94.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $15.09 during mid-day trading on Thursday, reaching $930.18. 1,231,347 shares of the stock were exchanged, compared to its average volume of 1,503,707. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market cap of $192.55 billion, a price-to-earnings ratio of 135.86, a price-to-earnings-growth 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. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.41 EPS. On average, sell-side analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

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

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares of the company's stock, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock worth $19,853,273 in the last quarter. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NOW. Avidian Wealth Enterprises LLC boosted its holdings in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after buying an additional 10 shares in the last quarter. Institute for Wealth Management LLC. increased its holdings in shares of ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock worth $2,779,000 after buying an additional 11 shares during the period. TBH Global Asset Management LLC increased its position in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after acquiring an additional 11 shares during the period. Finally, Onefund LLC increased its stake in shares of ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

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.