Citigroup Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its target price decreased by Citigroup from $1,432.00 to $1,426.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective points to a potential upside of 41.58% from the company’s previous close.

A number of other analysts have also recently issued reports on the stock. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday. Evercore ISI lifted their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. BMO Capital Markets increased their target price on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 1.3 %

Shares of NYSE NOW traded down $13.77 during mid-day trading on Tuesday, reaching $1,007.17. The company had a trading volume of 696,549 shares, compared to its average volume of 1,680,818. 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 has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock’s 50 day moving average is $1,083.05 and its 200-day moving average is $959.36. The stock has a market capitalization of $207.48 billion, a PE ratio of 147.82, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts anticipate that ServiceNow will post 8.94 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the firm’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 transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Czech National Bank lifted its position in ServiceNow by 7.4% during the 3rd quarter. Czech National Bank now owns 41,964 shares of the information technology services provider’s stock worth $37,532,000 after buying an additional 2,900 shares in the last quarter. WealthBridge Capital Management LLC bought a new position in shares of ServiceNow in the third quarter worth about $221,000. Miracle Mile Advisors LLC lifted its position in shares of ServiceNow by 90.6% during the third quarter. Miracle Mile Advisors LLC now owns 4,381 shares of the information technology services provider’s stock worth $3,918,000 after purchasing an additional 2,082 shares in the last quarter. Security National Bank increased its holdings in shares of ServiceNow by 820.8% in the third quarter. Security National Bank now owns 1,860 shares of the information technology services provider’s stock valued at $1,664,000 after purchasing an additional 1,658 shares in the last quarter. Finally, Verde Servicos Internacionais S.A. raised its position in ServiceNow by 72.9% in the 3rd quarter. Verde Servicos Internacionais S.A. now owns 12,709 shares of the information technology services provider’s stock worth $11,367,000 after purchasing an additional 5,359 shares during the last quarter. Institutional investors and hedge funds 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.