ServiceNow (NYSE:NOW) Stock Price Down 6.6% Following Analyst Downgrade

ServiceNow, Inc. (NYSE:NOW) traded down 6.6% during mid-day trading on Thursday after KeyCorp lowered their price target on the stock from $1,000.00 to $950.00. KeyCorp currently has an overweight rating on the stock. ServiceNow traded as low as $689.00 and last traded at $696.86. 1,380,634 shares changed hands during mid-day trading, an increase of 16% from the average session volume of 1,187,097 shares. The stock had previously closed at $746.29.

Several other analysts have also issued reports on NOW. Mizuho lifted their target price on shares of ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. JMP Securities reissued a “market outperform” rating and issued a $825.00 price target on shares of ServiceNow in a research note on Tuesday. The Goldman Sachs Group raised their price target on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Robert W. Baird raised their price target on shares of ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $782.85.

Insider Activity

In other news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Paul John Smith sold 1,180 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the transaction, the insider now owns 1,392 shares in the company, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,164 shares of company stock valued at $9,940,303. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Argonautica Private Wealth Management Inc. grew its holdings in shares of ServiceNow by 1.0% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock valued at $972,000 after purchasing an additional 13 shares in the last quarter. Wealth Management Partners LLC grew its holdings in ServiceNow by 2.7% during the 4th quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock worth $375,000 after acquiring an additional 14 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its holdings in ServiceNow by 30.4% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after acquiring an additional 14 shares in the last quarter. Optas LLC grew its holdings in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after acquiring an additional 14 shares in the last quarter. Finally, Trust Co. of Vermont grew its holdings in ServiceNow by 8.6% during the 3rd quarter. Trust Co. of Vermont now owns 190 shares of the information technology services provider’s stock worth $106,000 after acquiring an additional 15 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 4.0 %

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The company has a market cap of $147.10 billion, a price-to-earnings ratio of 85.17, a PEG ratio of 4.68 and a beta of 0.97. The firm’s fifty day simple moving average is $760.05 and its 200 day simple moving average is $706.80.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The firm’s revenue was up 25.6% on a year-over-year basis. Sell-side analysts predict that ServiceNow, Inc. will post 6.16 earnings per share for the current year.

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.