Oppenheimer Lowers ServiceNow (NYSE:NOW) Price Target to $200.00

ServiceNow (NYSE:NOW) had its target price decreased by Oppenheimer from $230.00 to $200.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the information technology services provider’s stock. Oppenheimer’s price target indicates a potential upside of 43.60% from the company’s previous close.

A number of other research firms have also recently weighed in on NOW. JPMorgan Chase & Co. raised their price objective on ServiceNow from $204.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. TD Cowen decreased their price target on ServiceNow from $250.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, December 26th. Sanford C. Bernstein restated an “outperform” rating and set a $218.60 price target on shares of ServiceNow in a research note on Thursday, October 30th. The Goldman Sachs Group downgraded shares of ServiceNow from a “buy” rating to a “sell” rating in a report on Monday. Finally, UBS Group reaffirmed a “buy” rating on shares of ServiceNow in a research report on Wednesday, December 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $215.97.

ServiceNow Stock Down 2.4%

NOW traded down $3.36 during trading on Tuesday, hitting $139.28. The stock had a trading volume of 2,177,462 shares, compared to its average volume of 7,849,110. The stock has a 50 day simple moving average of $161.17 and a two-hundred day simple moving average of $177.65. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.06 and a current ratio of 1.06. ServiceNow has a twelve month low of $135.73 and a twelve month high of $239.62. The company has a market capitalization of $144.62 billion, a PE ratio of 84.47, a PEG ratio of 2.44 and a beta of 0.98.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,610 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $165.42, for a total value of $431,735.76. Following the completion of the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at approximately $2,481,240. The trade was a 14.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Fipps sold 1,525 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $163.51, for a total transaction of $249,352.75. Following the sale, the insider directly owned 2,705 shares in the company, valued at $442,294.55. The trade was a 36.05% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 15,310 shares of company stock worth $2,533,585. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in NOW. Kilter Group LLC purchased a new stake in shares of ServiceNow during the second quarter worth about $25,000. IAG Wealth Partners LLC increased its stake in ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after buying an additional 18 shares in the last quarter. Noble Wealth Management PBC raised its holdings in shares of ServiceNow by 400.0% during the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 128 shares during the last quarter. Bogart Wealth LLC lifted its position in shares of ServiceNow by 93.8% in the third quarter. Bogart Wealth LLC now owns 31 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 15 shares in the last quarter. Finally, Wealth Watch Advisors INC acquired a new stake in shares of ServiceNow in the third quarter worth approximately $29,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.