ServiceNow (NYSE:NOW) Price Target Cut to $1,100.00 by Analysts at UBS Group

ServiceNow (NYSE:NOW - Get Free Report) had its price target decreased by analysts at UBS Group from $1,125.00 to $1,100.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the information technology services provider's stock. UBS Group's price target indicates a potential upside of 10.80% from the company's current price.

Several other research firms also recently commented on NOW. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and boosted their target price for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday. Raymond James Financial dropped their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Barclays upped their price target on shares of ServiceNow from $1,085.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $1,098.90.

ServiceNow Price Performance

NYSE:NOW traded up $36.38 during trading hours on Thursday, reaching $992.81. 2,203,474 shares of the company were exchanged, compared to its average volume of 1,681,475. The company has a market capitalization of $205.49 billion, a P/E ratio of 134.88, a P/E/G ratio of 4.41 and a beta of 0.94. ServiceNow has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The business has a 50 day moving average of $1,002.51 and a 200 day moving average of $954.31.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm posted $3.13 earnings per share. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. Research analysts forecast that ServiceNow will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the transaction, the director owned 428 shares of the company's stock, valued at $402,418.44. This represents a 58.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 in the last three months. Company insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC raised its position in shares of ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares in the last quarter. FMR LLC boosted its stake in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after buying an additional 272,506 shares in the last quarter. Parr Mcknight Wealth Management Group LLC bought a new position in ServiceNow during the first quarter valued at about $1,820,000. Nicholas Investment Partners LP boosted its stake in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock valued at $2,974,000 after buying an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new stake in ServiceNow during the 1st quarter worth about $285,000. 87.18% of the stock is currently owned by hedge funds and other 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.

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