Morgan Stanley Lowers ServiceNow (NYSE:NOW) Price Target to $881.00

ServiceNow (NYSE:NOW - Get Free Report) had its price target cut by investment analysts at Morgan Stanley from $960.00 to $881.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the information technology services provider's stock. Morgan Stanley's price objective suggests a potential upside of 9.38% from the company's current price.

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A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. increased their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Citigroup decreased their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Wells Fargo & Company decreased their price target on shares of ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating on the stock in a research note on Monday. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $1,057.17.

Read Our Latest Report on ServiceNow

ServiceNow Stock Performance

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Shares of NYSE:NOW traded down $11.08 during trading on Wednesday, hitting $805.42. 822,953 shares of the stock traded hands, compared to its average volume of 1,867,464. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $866.88 and a two-hundred day moving average price of $972.23. ServiceNow has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market cap of $166.72 billion, a price-to-earnings ratio of 117.92, a P/E/G ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts predict that ServiceNow will post 8.93 EPS for the current year.

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ServiceNow declared that its board has approved a stock buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company's stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On ServiceNow

Several institutional investors have recently modified their holdings of the company. Avidian Wealth Enterprises LLC lifted its holdings in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. TBH Global Asset Management LLC raised its holdings in ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock worth $320,000 after purchasing an additional 11 shares in the last quarter. Finally, Onefund LLC boosted its holdings in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after buying an additional 11 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

About ServiceNow

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.

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