ServiceNow (NYSE:NOW) Rating Lowered to Hold at Wall Street Zen

ServiceNow (NYSE:NOW - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other analysts have also recently issued research reports about the stock. Evercore ISI boosted their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Bank of America decreased their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler decreased their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Finally, Guggenheim boosted their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,068.23.

ServiceNow Stock Up 3.6%

Shares of NOW opened at $1,046.03 on Friday. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09. The company has a market cap of $216.51 billion, a P/E ratio of 142.12, a P/E/G ratio of 4.80 and a beta of 0.94. 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 firm has a 50 day simple moving average of $1,003.94 and a two-hundred day simple moving average of $963.64.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company's revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.41 earnings per share. Research analysts forecast that ServiceNow will post 8.93 EPS for the current fiscal year.

Insider Activity

In other news, Director Deborah Black sold 598 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the transaction, the director owned 428 shares in the company, valued at approximately $402,418.44. This represents a 58.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director owned 3,205 shares in the company, valued at $2,985,842.10. This represents a 19.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,716 shares of company stock valued at $6,611,245. Corporate insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its holdings in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the period. FMR LLC raised its holdings in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Nicholas Investment Partners LP raised its holdings in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after acquiring an additional 1,938 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ServiceNow by 18.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 196,783 shares of the information technology services provider's stock worth $209,103,000 after acquiring an additional 31,125 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of ServiceNow in the 4th quarter worth about $2,603,360,000. Institutional investors and hedge funds own 87.18% of the company's stock.

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.

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