ServiceNow (NYSE:NOW) Price Target Cut to $1,200.00 by Analysts at Robert W. Baird

ServiceNow (NYSE:NOW) had its target price decreased by Robert W. Baird from $1,250.00 to $1,200.00 in a research report sent to investors on Thursday,Benzinga reports. Robert W. Baird currently has an outperform rating on the information technology services provider’s stock.

Several other analysts have also commented on NOW. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Canaccord Genuity Group upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Evercore ISI upped their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.93.

ServiceNow Price Performance

NYSE NOW opened at $1,011.67 on Thursday. The company has a 50 day simple moving average of $1,085.21 and a 200-day simple moving average of $952.30. The firm has a market capitalization of $208.40 billion, a price-to-earnings ratio of 148.12, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. Equities research analysts predict that ServiceNow will post 8.98 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the business’s 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 sale, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

Large investors have recently added to or reduced their stakes in the stock. Sierra Ocean LLC acquired a new position in ServiceNow in the fourth quarter valued at about $55,000. J.W. Cole Advisors Inc. grew its position in shares of ServiceNow by 1.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 2,302 shares of the information technology services provider’s stock worth $2,440,000 after buying an additional 43 shares in the last quarter. Valmark Advisers Inc. increased its position in shares of ServiceNow by 5.4% in the 4th quarter. Valmark Advisers Inc. now owns 2,457 shares of the information technology services provider’s stock valued at $2,605,000 after purchasing an additional 125 shares during the last quarter. L.M. Kohn & Company lifted its holdings in ServiceNow by 0.7% during the 4th quarter. L.M. Kohn & Company now owns 1,921 shares of the information technology services provider’s stock worth $2,036,000 after buying an additional 13 shares during the last quarter. Finally, WD Rutherford LLC boosted its holdings in ServiceNow by 2.3% in the fourth quarter. WD Rutherford LLC now owns 5,132 shares of the information technology services provider’s stock valued at $5,441,000 after purchasing an additional 117 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.