ServiceNow (NYSE:NOW) Downgraded to “Sector Weight” Rating by KeyCorp

ServiceNow (NYSE:NOW) was downgraded by research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports.

Several other research firms also recently commented on NOW. Robert W. Baird boosted their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Needham & Company LLC increased their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Royal Bank of Canada lifted their price objective on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,034.96.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,148.65 on Friday. The stock has a market cap of $236.62 billion, a PE ratio of 178.64, a price-to-earnings-growth ratio of 6.58 and a beta of 0.99. ServiceNow has a 1 year low of $637.99 and a 1 year high of $1,157.90. The firm has a fifty day moving average price of $1,002.75 and a 200-day moving average price of $868.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 EPS. Equities analysts anticipate that ServiceNow will post 7.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,629 shares of company stock valued at $20,861,626. Company insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Hedge funds have recently modified their holdings of the company. Brookstone Capital Management boosted its position in shares of ServiceNow by 25.5% in the 2nd quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock worth $10,595,000 after purchasing an additional 2,928 shares in the last quarter. Portman Square Capital LLP boosted its holdings in ServiceNow by 108.7% in the second quarter. Portman Square Capital LLP now owns 2,511 shares of the information technology services provider’s stock worth $1,975,000 after acquiring an additional 31,360 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of ServiceNow during the second quarter worth about $125,916,000. Chesley Taft & Associates LLC increased its holdings in shares of ServiceNow by 1.9% during the second quarter. Chesley Taft & Associates LLC now owns 3,881 shares of the information technology services provider’s stock valued at $3,053,000 after acquiring an additional 71 shares in the last quarter. Finally, Western Wealth Management LLC raised its position in shares of ServiceNow by 22.9% in the 2nd quarter. Western Wealth Management LLC now owns 2,005 shares of the information technology services provider’s stock valued at $1,577,000 after purchasing an additional 374 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.