ServiceNow (NYSE:NOW) Given New $1,250.00 Price Target at Jefferies Financial Group

ServiceNow (NYSE:NOW) had its price objective dropped by analysts at Jefferies Financial Group from $1,300.00 to $1,250.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 23.56% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday. Cantor Fitzgerald began coverage on ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Sanford C. Bernstein boosted their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.93.

ServiceNow Stock Down 11.5 %

NYSE NOW traded down $131.96 on Thursday, hitting $1,011.67. 6,190,608 shares of the stock were exchanged, compared to its average volume of 1,655,328. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a 50-day moving average price of $1,085.21 and a 200-day moving average price of $952.30. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a market cap of $208.40 billion, a PE ratio of 157.34, a PEG ratio of 5.11 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. Sell-side analysts anticipate that ServiceNow will post 7.06 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 over the last three months. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently modified their holdings of the business. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter worth approximately $30,000. DT Investment Partners LLC raised its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in ServiceNow in the 4th quarter valued at $37,000. Stonebridge Financial Group LLC bought a new stake in ServiceNow in the 4th quarter valued at approximately $37,000. Finally, Oakworth Capital Inc. boosted its position in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during 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.