The Goldman Sachs Group Has Lowered Expectations for ServiceNow (NYSE:NOW) Stock Price

ServiceNow (NYSE:NOW) had its price target dropped by investment analysts at The Goldman Sachs Group from $1,200.00 to $1,050.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 33.63% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird lowered their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Mizuho dropped their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. One 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,073.93.

ServiceNow Trading Up 0.3 %

ServiceNow stock opened at $785.78 on Thursday. The firm has a market cap of $162.66 billion, a PE ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock’s 50 day simple moving average is $875.51 and its two-hundred day simple moving average is $973.27. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last posted its earnings results 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%. Analysts anticipate that ServiceNow will post 8.93 earnings per share for the current year.

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

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new stake in shares of ServiceNow in the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC lifted its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow during the fourth quarter worth $682,468,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. 87.18% of the stock is currently 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.