ServiceNow’s (NOW) “Sell” Rating Reiterated at Guggenheim

Guggenheim reaffirmed their sell rating on shares of ServiceNow (NYSE:NOW) in a report released on Wednesday,Benzinga reports. The firm currently has a $716.00 target price on the information technology services provider’s stock.

Several other research firms have also recently commented on NOW. Robert W. Baird upped their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Sanford C. Bernstein increased their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,093.34.

ServiceNow Price Performance

NYSE NOW opened at $1,124.64 on Wednesday. ServiceNow has a 52 week low of $637.99 and a 52 week high of $1,157.90. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $231.68 billion, a price-to-earnings ratio of 174.91, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99. The company has a 50-day moving average price of $1,074.80 and a two-hundred day moving average price of $939.98.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts forecast that ServiceNow will post 7.06 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC acquired a new position in shares of ServiceNow during the 3rd quarter worth approximately $30,000. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $37,000. DT Investment Partners LLC increased its holdings in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the last quarter. Oakworth Capital Inc. increased its holdings in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Synergy Asset Management LLC acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds 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.