ServiceNow (NYSE:NOW) Stock Price Down 1.6% - Here's What Happened

ServiceNow, Inc. (NYSE:NOW - Get Free Report)'s share price traded down 1.6% during mid-day trading on Friday . The stock traded as low as $983.30 and last traded at $991.31. 256,795 shares traded hands during trading, a decline of 83% from the average session volume of 1,475,821 shares. The stock had previously closed at $1,007.37.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Jefferies Financial Group dropped their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. TD Securities reaffirmed a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Canaccord Genuity Group decreased their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and raised their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

ServiceNow Price Performance

The business's 50 day simple moving average is $944.56 and its 200-day simple moving average is $972.50. The stock has a market capitalization of $208.07 billion, a price-to-earnings ratio of 147.19, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly 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 company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.41 EPS. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the sale, the director now owns 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 6,716 shares of company stock valued at $6,611,245. Company insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Several hedge funds have recently made changes to their positions in the company. Brighton Jones LLC increased its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow in the 4th quarter valued at approximately $48,802,000. Van ECK Associates Corp increased its stake in ServiceNow by 2.5% in the 4th quarter. Van ECK Associates Corp now owns 12,556 shares of the information technology services provider's stock valued at $13,311,000 after buying an additional 301 shares during the period. Banque Pictet & Cie SA acquired a new position in ServiceNow in the 4th quarter valued at approximately $516,000. Finally, Valeo Financial Advisors LLC increased its stake in ServiceNow by 3.2% in the 4th quarter. Valeo Financial Advisors LLC now owns 2,070 shares of the information technology services provider's stock valued at $2,194,000 after buying an additional 65 shares during the period. Hedge funds and other institutional investors 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.