ServiceNow (NYSE:NOW) Stock Price Expected to Rise, Guggenheim Analyst Says

ServiceNow (NYSE:NOW) had its price objective upped by research analysts at Guggenheim from $716.00 to $724.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the information technology services provider’s stock. Guggenheim’s price objective would indicate a potential downside of 23.47% from the company’s current price.

Other research analysts have also issued reports about the company. Oppenheimer increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Robert W. Baird increased their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday. Evercore ISI boosted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,032.94.

ServiceNow Stock Performance

NYSE NOW opened at $946.08 on Thursday. ServiceNow has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $195.84 billion, a P/E ratio of 138.52, a PEG ratio of 4.51 and a beta of 1.08. The company’s 50-day simple moving average is $838.68 and its 200 day simple moving average is $967.51.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts forecast that ServiceNow will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $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. Insiders have sold 20,250 shares of company stock worth $19,853,273 in the last ninety days. Company insiders own 0.38% of the company’s stock.

Institutional Trading of ServiceNow

Large investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new stake in ServiceNow in the 4th quarter valued at $28,000. WASHINGTON TRUST Co boosted its stake in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 31 shares during the period. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the 4th quarter worth about $32,000. Finally, FPC Investment Advisory Inc. raised its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. 87.18% of the stock is owned by 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.