ServiceNow (NYSE:NOW) Price Target Cut to $230.00 by Analysts at TD Cowen

ServiceNow (NYSE:NOW) had its target price decreased by TD Cowen from $250.00 to $230.00 in a report issued on Friday morning,MarketScreener reports. TD Cowen currently has a buy rating on the information technology services provider’s stock.

Several other research analysts have also recently issued reports on the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $218.60 target price on shares of ServiceNow in a research report on Thursday, October 30th. Morgan Stanley set a $263.00 price objective on shares of ServiceNow and gave the stock an “overweight” rating in a report on Thursday, October 30th. BMO Capital Markets reduced their target price on shares of ServiceNow from $232.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Mizuho set a $210.00 price target on shares of ServiceNow in a research report on Tuesday, December 16th. Finally, Zacks Research cut shares of ServiceNow from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $223.53.

ServiceNow Stock Performance

Shares of NOW opened at $153.92 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $169.29 and its two-hundred day simple moving average is $181.77. ServiceNow has a 12 month low of $135.73 and a 12 month high of $239.62. The stock has a market capitalization of $159.83 billion, a P/E ratio of 93.06, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,525 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $163.51, for a total transaction of $249,352.75. Following the sale, the insider owned 2,705 shares in the company, valued at $442,294.55. This represents a 36.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $161.60, for a total value of $242,400.00. Following the sale, the director directly owned 47,930 shares in the company, valued at $7,745,488. This trade represents a 3.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,310 shares of company stock valued at $2,533,585 in the last quarter. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in ServiceNow during the 2nd quarter worth approximately $2,589,235,000. Amundi lifted its position in ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of ServiceNow by 365.6% during the second quarter. Bessemer Group Inc. now owns 529,994 shares of the information technology services provider’s stock valued at $544,875,000 after purchasing an additional 416,162 shares during the period. Vanguard Group Inc. grew its holdings in shares of ServiceNow by 2.0% in the second quarter. Vanguard Group Inc. now owns 19,895,063 shares of the information technology services provider’s stock worth $20,453,716,000 after purchasing an additional 398,071 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of ServiceNow by 18.1% in the second quarter. Jennison Associates LLC now owns 2,376,714 shares of the information technology services provider’s stock worth $2,443,452,000 after buying an additional 363,793 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.