ServiceNow (NYSE:NOW) Stock Price Down 1% - Here's What Happened

ServiceNow, Inc. (NYSE:NOW - Get Free Report) shares fell 1% on Thursday . The company traded as low as $973.03 and last traded at $973.90. 358,165 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,508,180 shares. The stock had previously closed at $983.29.

Analyst Ratings Changes

A number of research firms have commented on NOW. Raymond James cut 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 research note on Tuesday, April 8th. Oppenheimer reiterated an "outperform" rating and issued a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird increased their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,055.83.

ServiceNow Trading Up 3.6%

The firm has a 50-day moving average price of $844.85 and a 200-day moving average price of $970.58. The stock has a market cap of $210.23 billion, a PE ratio of 148.70, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. 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 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. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the firm posted $3.41 earnings per share. The business's revenue was up 18.6% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other ServiceNow news, Director Larry Quinlan sold 415 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total transaction of $419,340.90. Following the completion of the sale, the director now directly owns 1,322 shares in the company, valued at approximately $1,335,828.12. The trade was a 23.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company's stock, valued at $6,525,636.96. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,259 shares of company stock valued at $14,624,279 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow during the fourth quarter valued at $32,000. Noble Wealth Management PBC bought a new stake in ServiceNow during the fourth quarter valued at about $34,000. Finally, Bogart Wealth LLC increased its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. 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.