ServiceNow (NYSE:NOW) Downgraded to Hold Rating by Wall Street Zen

ServiceNow (NYSE:NOW) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Monday.

A number of other research analysts also recently commented on NOW. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Oppenheimer restated an “outperform” rating and set a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. BMO Capital Markets upped their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Wednesday, May 14th. Finally, Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and upped their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

ServiceNow Stock Down 1.6%

NOW stock opened at $1,009.94 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a fifty day moving average of $928.22 and a 200-day moving average of $974.13. The stock has a market capitalization of $209.04 billion, a PE ratio of 147.87, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. ServiceNow has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business posted $3.41 earnings per share. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. As a group, analysts expect that ServiceNow will post 8.93 EPS for the current year.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 248 shares of ServiceNow stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total value of $250,266.72. Following the transaction, the director now owns 10,643 shares of the company’s stock, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,096,621. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock valued at $6,611,245 over the last three months. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently bought and sold shares of the business. Bogart Wealth LLC grew its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the first quarter valued at about $26,000. Quarry LP purchased a new position in ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc purchased a new position in ServiceNow in the fourth quarter valued at about $28,000. Finally, WASHINGTON TRUST Co grew its stake in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.