ServiceNow (NYSE:NOW) Given New $1,200.00 Price Target at Robert W. Baird

ServiceNow (NYSE:NOW) had its target price decreased by Robert W. Baird from $1,250.00 to $1,200.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the information technology services provider’s stock. Robert W. Baird’s price objective suggests a potential upside of 17.63% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. TD Cowen increased their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. increased their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,129.93.

ServiceNow Price Performance

NOW opened at $1,020.17 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $210.16 billion, a P/E ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. The company’s 50-day simple moving average is $1,084.47 and its two-hundred day simple moving average is $952.71. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. As a group, analysts predict that ServiceNow will post 8.98 EPS for the current year.

ServiceNow declared that its board has approved a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by insiders.

Institutional Trading of ServiceNow

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its position in shares of ServiceNow by 2.6% during the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC lifted its position in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. World Investment Advisors LLC lifted its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ServiceNow by 1.9% during the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

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.