Shares of ServiceNow, Inc. (NYSE:NOW - Get Free Report) traded up 0.7% on Wednesday after Citigroup raised their price target on the stock from $1,128.00 to $1,160.00. Citigroup currently has a buy rating on the stock. ServiceNow traded as high as $981.99 and last traded at $972.10. 267,622 shares traded hands during trading, a decline of 82% from the average session volume of 1,507,217 shares. The stock had previously closed at $965.26.
Several other research firms also recently weighed in on NOW. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Mizuho dropped their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 11th. Finally, Needham & Company LLC reissued a "buy" rating and set a $1,050.00 target price on shares of ServiceNow in a research report on Tuesday, May 6th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,055.83.
Read Our Latest Research Report on NOW
Insider Buying and Selling
In other news, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was 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 trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,150 shares of company stock valued at $16,550,424. Company insiders own 0.38% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bogart Wealth LLC boosted its holdings in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter valued at approximately $26,000. Quarry LP bought a new position in shares of ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow in the fourth quarter worth $28,000. Finally, WASHINGTON TRUST Co grew its holdings in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
ServiceNow Stock Performance
The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $203.09 billion, a P/E ratio of 143.65, a P/E/G ratio of 4.51 and a beta of 0.97. The business has a fifty day moving average price of $844.85 and a 200-day moving average price of $970.48.
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, beating 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 company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the company posted $3.41 earnings per share. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.
ServiceNow announced that its board has authorized a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.
About ServiceNow
(
Get Free Report)
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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