ServiceNow (NYSE:NOW) Stock Price Down 0.5% - Here's What Happened

ServiceNow, Inc. (NYSE:NOW - Get Free Report) shares traded down 0.5% on Tuesday . The company traded as low as $964.19 and last traded at $973.63. 286,844 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,506,806 shares. The stock had previously closed at $978.05.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NOW. Mizuho reduced their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. Raymond James lowered their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,048.55.

ServiceNow Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50-day simple moving average of $843.35 and a 200 day simple moving average of $969.61. The company has a market cap of $202.24 billion, a P/E ratio of 143.05, a P/E/G ratio of 4.51 and a beta of 0.97.

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 (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm's quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 EPS. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,410 shares of company stock valued at $15,821,524. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of ServiceNow

A number of institutional investors have recently bought and sold shares of NOW. GAMMA Investing LLC grew its holdings in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Norges Bank bought a new stake in shares of ServiceNow in the 4th quarter valued at $2,603,360,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow during the 4th quarter valued at $682,468,000. Institutional investors own 87.18% of the company's stock.

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.