KeyCorp Lowers ServiceNow (NYSE:NOW) Price Target to $920.00

ServiceNow (NYSE:NOW) had its price objective reduced by analysts at KeyCorp from $950.00 to $920.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. KeyCorp’s price objective would suggest a potential upside of 17.01% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Guggenheim reaffirmed a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. JMP Securities restated a “market outperform” rating and issued a $825.00 target price on shares of ServiceNow in a research note on Tuesday, May 7th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Morgan Stanley boosted their price target on shares of ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Finally, Jefferies Financial Group upped their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $813.28.

ServiceNow Stock Down 1.0 %

Shares of NOW stock opened at $786.28 on Tuesday. ServiceNow has a one year low of $527.24 and a one year high of $815.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a fifty day moving average price of $728.95 and a 200 day moving average price of $742.68. The stock has a market cap of $161.19 billion, a P/E ratio of 84.20, a price-to-earnings-growth ratio of 4.93 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Analysts predict that ServiceNow will post 6.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $2,521,422.51. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, insider Christopher Bedi sold 215 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total transaction of $150,500.00. Following the sale, the insider now directly owns 15,892 shares in the company, valued at approximately $11,124,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Tzitzon sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,530 shares of company stock worth $3,997,012. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of ServiceNow in the fourth quarter valued at about $1,648,259,000. Swedbank AB acquired a new stake in ServiceNow in the 1st quarter valued at approximately $897,908,000. International Assets Investment Management LLC lifted its stake in ServiceNow by 69,354.6% in the 4th quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after acquiring an additional 820,465 shares in the last quarter. Global Assets Advisory LLC acquired a new position in ServiceNow during the 1st quarter worth approximately $403,034,000. Finally, Cerity Partners LLC grew its stake in shares of ServiceNow by 1,073.7% during the 4th quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after acquiring an additional 371,648 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.