ServiceNow (NYSE:NOW) Price Target Lowered to $121.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on ServiceNow from $150 to $121 but kept an "outperform" rating, a level that implies roughly a 40% upside from the current share price.
• Other brokers have also trimmed targets (e.g., KeyCorp to $115, UBS to $100), yet the consensus remains a Moderate Buy with an average price target of $186.30 and an analyst breakdown of 3 Strong Buy, 33 Buy, 6 Hold, 1 Sell.
• Shares trade around $86.36 after a recent quarterly EPS beat and 20.7% year-over-year revenue growth; the stock carries a P/E of ~51.7 and insiders have sold about 16,237 shares (~$1.7M) in the past 90 days.

ServiceNow (NYSE:NOW - Get Free Report) had its price target dropped by investment analysts at Royal Bank Of Canada from $150.00 to $121.00 in a report released on Monday,MarketScreener reports. The brokerage presently has an "outperform" rating on the information technology services provider's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 40.12% from the stock's current price.

Several other equities analysts also recently commented on NOW. KeyCorp lowered their price target on ServiceNow from $155.00 to $115.00 and set an "underweight" rating on the stock in a report on Thursday, January 29th. HSBC lowered their price objective on shares of ServiceNow from $266.40 to $226.00 and set a "buy" rating on the stock in a research note on Friday, January 30th. DA Davidson restated a "buy" rating and issued a $220.00 price objective on shares of ServiceNow in a research note on Thursday, January 29th. UBS Group downgraded shares of ServiceNow from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $170.00 to $100.00 in a research note on Friday. Finally, Stifel Nicolaus lowered their price objective on shares of ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 2nd. Three analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $186.30.

ServiceNow Trading Up 4.0%

Shares of NOW stock opened at $86.36 on Monday. ServiceNow has a 12 month low of $81.24 and a 12 month high of $211.48. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. The business's 50 day moving average is $107.27 and its two-hundred day moving average is $143.49. The company has a market cap of $89.48 billion, a PE ratio of 51.68, a price-to-earnings-growth ratio of 1.39 and a beta of 1.01.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.89 by $0.03. ServiceNow had a return on equity of 18.54% and a net margin of 13.16%.The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter last year, the company posted $0.73 earnings per share. The company's revenue for the quarter was up 20.7% compared to the same quarter last year. Equities analysts predict that ServiceNow will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, insider Kevin Thomas Mcbride sold 1,400 shares of ServiceNow stock in a transaction on Friday, February 13th. The shares were sold at an average price of $105.71, for a total transaction of $147,994.00. Following the sale, the insider owned 26,314 shares in the company, valued at $2,781,652.94. The trade was a 5.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Fipps sold 3,696 shares of ServiceNow stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total transaction of $376,141.92. Following the sale, the insider owned 8,061 shares in the company, valued at $820,367.97. This represents a 31.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,237 shares of company stock worth $1,697,162 over the last 90 days. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently bought and sold shares of the business. IAG Wealth Partners LLC lifted its holdings in shares of ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 18 shares during the period. Noble Wealth Management PBC lifted its holdings in shares of ServiceNow by 400.0% during the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 128 shares during the period. Millstone Evans Group LLC lifted its holdings in shares of ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 132 shares during the period. CBIZ Investment Advisory Services LLC lifted its holdings in shares of ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 135 shares during the period. Finally, Blueline Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter valued at $25,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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