Stifel Nicolaus Cuts ServiceNow (NYSE:NOW) Price Target to $950.00

ServiceNow (NYSE:NOW) had its price objective lowered by Stifel Nicolaus from $1,175.00 to $950.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

A number of other equities analysts also recently commented on the company. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Mizuho lowered their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. UBS Group reduced their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,086.00.

ServiceNow Stock Down 6.9 %

ServiceNow stock opened at $720.69 on Wednesday. The stock’s 50 day moving average price is $917.80 and its 200 day moving average price is $979.99. The company has a market cap of $148.46 billion, a PE ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts predict that ServiceNow will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the firm’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. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the transaction, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. The trade was a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 over the last three months. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. World Investment Advisors LLC increased its stake in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the period. Norges Bank acquired a new stake in ServiceNow during the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC increased its holdings in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow in the 4th quarter valued at $682,468,000. Finally, Wellington Management Group LLP lifted its holdings in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. 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.