KeyCorp Trims ServiceNow (NYSE:NOW) Target Price to $950.00

ServiceNow (NYSE:NOW) had its target price reduced by KeyCorp from $1,000.00 to $950.00 in a report released on Thursday, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Several other research firms also recently weighed in on NOW. Jefferies Financial Group raised their price target on ServiceNow from $885.00 to $900.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. UBS Group dropped their price target on ServiceNow from $920.00 to $875.00 and set a buy rating for the company in a research report on Thursday. Barclays raised their price target on ServiceNow from $765.00 to $870.00 and gave the stock an overweight rating in a research report on Tuesday, January 23rd. William Blair reissued an outperform rating on shares of ServiceNow in a research report on Thursday. Finally, Needham & Company LLC reissued a buy rating and set a $900.00 price target on shares of ServiceNow in a research report on Thursday. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of Moderate Buy and an average price target of $792.00.

ServiceNow Stock Performance

Shares of NOW stock opened at $723.55 on Thursday. The stock has a fifty day moving average price of $759.21 and a 200 day moving average price of $708.95. The stock has a market cap of $148.60 billion, a PE ratio of 77.39, a P/E/G ratio of 4.57 and a beta of 0.97. ServiceNow has a 1 year low of $427.68 and a 1 year high of $815.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.06 and a current ratio of 1.05.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. ServiceNow’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. Sell-side analysts forecast that ServiceNow will post 6.16 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the transaction, the insider now owns 5,453 shares in the company, valued at $4,064,229.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the transaction, 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. Over the last 90 days, insiders have sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. Impact Partnership Wealth LLC lifted its stake in shares of ServiceNow by 672.7% during the third quarter. Impact Partnership Wealth LLC now owns 85 shares of the information technology services provider’s stock worth $48,000 after purchasing an additional 74 shares in the last quarter. Galvin Gaustad & Stein LLC lifted its stake in shares of ServiceNow by 33.3% during the third quarter. Galvin Gaustad & Stein LLC now owns 800 shares of the information technology services provider’s stock worth $447,000 after purchasing an additional 200 shares in the last quarter. Oak Thistle LLC acquired a new position in shares of ServiceNow during the third quarter worth about $1,115,000. Asset Management One Co. Ltd. lifted its stake in shares of ServiceNow by 4.9% during the third quarter. Asset Management One Co. Ltd. now owns 99,412 shares of the information technology services provider’s stock worth $55,567,000 after purchasing an additional 4,630 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of ServiceNow by 3.3% during the third quarter. Handelsbanken Fonder AB now owns 59,360 shares of the information technology services provider’s stock worth $33,180,000 after purchasing an additional 1,904 shares in the last quarter. Institutional investors and hedge funds 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.