ServiceNow's (NOW) "Sell" Rating Reaffirmed at Guggenheim

Guggenheim restated their sell rating on shares of ServiceNow (NYSE:NOW - Free Report) in a research report sent to investors on Tuesday, Marketbeat.com reports. The firm currently has a $724.00 price target on the information technology services provider's stock.

Several other brokerages also recently weighed in on NOW. Jefferies Financial Group cut their price target on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. DA Davidson initiated coverage on ServiceNow in a research note on Wednesday, June 25th. They issued a "buy" rating and a $1,150.00 price target for the company. Canaccord Genuity Group lowered their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Piper Sandler lowered their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average price target of $1,068.23.

ServiceNow Stock Down 1.4%

ServiceNow stock traded down $13.51 during mid-day trading on Tuesday, reaching $954.58. 637,112 shares of the company were exchanged, compared to its average volume of 1,477,079. The business has a fifty day moving average of $1,008.88 and a 200 day moving average of $961.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $197.58 billion, a P/E ratio of 129.77, a PEG ratio of 4.66 and a beta of 0.94. ServiceNow has a 12-month low of $678.66 and a 12-month high of $1,198.09.

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

Insider Activity

In related news, Director Deborah Black sold 598 shares of the firm's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the sale, the director owned 428 shares in the company, valued at $402,418.44. This trade 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 available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,955 shares of company stock valued at $6,862,195. Insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. Haverford Trust Co increased its stake in shares of ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC increased its stake in shares of ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares in the last quarter. Cassady Schiller Wealth Management LLC raised its holdings in ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock valued at $38,000 after acquiring an additional 11 shares during the last quarter. Edgemoor Investment Advisors Inc. grew its stake in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares during the period. Finally, Integrated Investment Consultants LLC raised its stake in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.