ServiceNow (NYSE:NOW) Shares Down 1.2%

12 Apr 2024, 07:00 by Jessica Moore · The Cerbat Gem

Shares of ServiceNow, Inc. (NYSE:NOW – Get Free Report) dropped 1.2% during mid-day trading on Wednesday . The stock traded as low as $765.56 and last traded at $772.53. Approximately 196,791 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,183,917 shares. The stock had previously closed at $782.22.

Analyst Ratings Changes

NOW has been the topic of several research reports. JMP Securities raised their target price on shares of ServiceNow from $665.00 to $825.00 and gave the stock a “market outperform” rating in a report on Monday, January 22nd. Jefferies Financial Group lifted their price target on shares of ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus reiterated a “buy” rating and set a $820.00 price target on shares of ServiceNow in a research note on Wednesday, March 20th. Barclays lifted their price target on shares of ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 23rd. Finally, Citigroup lifted their price target on shares of ServiceNow from $862.00 to $896.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Two analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $772.22.

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ServiceNow Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The company’s fifty day moving average is $770.52 and its 200-day moving average is $694.02. The stock has a market cap of $158.32 billion, a PE ratio of 91.66, a PEG ratio of 4.86 and a beta of 0.97.

ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (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 firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the company posted $0.88 earnings per share. The firm’s revenue was up 25.6% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the sale, the insider now owns 5,453 shares in the company, valued at $4,064,229.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the sale, the insider now owns 5,453 shares in the company, valued at approximately $4,064,229.96. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock valued at $9,940,303 over the last 90 days. Insiders own 0.24% of the company’s stock.

Institutional Trading of ServiceNow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOW. RB Capital Management LLC grew its position in ServiceNow by 25.2% during the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after buying an additional 192 shares during the period. Zions Bancorporation N.A. grew its position in shares of ServiceNow by 17.9% in the first quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 133 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of ServiceNow by 728.0% in the first quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock valued at $1,070,000 after purchasing an additional 1,689 shares during the period. Parkside Financial Bank & Trust grew its position in shares of ServiceNow by 9.0% in the first quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock valued at $195,000 after purchasing an additional 29 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of ServiceNow by 0.7% in the first quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock valued at $6,499,000 after purchasing an additional 86 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Company Profile

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