ServiceNow (NYSE:NOW) Price Target Cut to $1,250.00 by Analysts at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its target price cut by investment analysts at Jefferies Financial Group from $1,300.00 to $1,250.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 23.56% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. UBS Group upped their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Sanford C. Bernstein increased their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Guggenheim reiterated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Needham & Company LLC increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday. One 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 stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Performance

NYSE:NOW traded down $131.96 during mid-day trading on Thursday, hitting $1,011.67. 6,190,608 shares of the company traded hands, compared to its average volume of 1,655,328. The stock’s fifty day moving average price is $1,085.21 and its 200-day moving average price is $952.30. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market cap of $208.40 billion, a price-to-earnings ratio of 157.34, a price-to-earnings-growth ratio of 5.11 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. Research analysts anticipate that ServiceNow will post 7.06 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This represents a 16.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock valued at $21,016,751 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of ServiceNow

Large investors have recently added to or reduced their stakes in the stock. Truvestments Capital LLC acquired a new stake in ServiceNow during the third quarter worth about $30,000. DT Investment Partners LLC lifted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the last quarter. Heck Capital Advisors LLC acquired a new stake in ServiceNow during the fourth quarter worth $37,000. Stonebridge Financial Group LLC purchased a new stake in ServiceNow in the fourth quarter valued at $37,000. Finally, Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 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.