ServiceNow (NYSE:NOW) Given New $230.00 Price Target at TD Cowen

ServiceNow (NYSE:NOW) had its target price reduced by investment analysts at TD Cowen from $250.00 to $230.00 in a report issued on Friday,MarketScreener reports. The firm presently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s price target suggests a potential upside of 49.43% from the stock’s previous close.

Several other research analysts have also recently commented on the company. Morgan Stanley set a $263.00 target price on ServiceNow and gave the stock an “overweight” rating in a research note on Thursday, October 30th. DA Davidson set a $220.00 price objective on ServiceNow and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $230.00 target price on shares of ServiceNow in a report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of ServiceNow in a report on Wednesday, October 8th. Finally, Oppenheimer reissued an “outperform” rating and issued a $230.00 price objective on shares of ServiceNow in a research report on Thursday, December 18th. 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $223.53.

ServiceNow Price Performance

ServiceNow stock opened at $153.92 on Friday. The company’s 50 day moving average is $169.29 and its two-hundred day moving average is $181.77. The firm has a market cap of $159.83 billion, a PE ratio of 93.06, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.13. ServiceNow has a 52-week low of $135.73 and a 52-week high of $239.62.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 470 shares of ServiceNow stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $165.42, for a total transaction of $77,745.52. Following the sale, the insider directly owned 15,135 shares in the company, valued at $2,503,571.16. This trade represents a 3.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,610 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $165.42, for a total transaction of $431,735.76. Following the completion of the transaction, the insider owned 15,000 shares of the company’s stock, valued at $2,481,240. This represents a 14.82% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 15,310 shares of company stock worth $2,533,585. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On ServiceNow

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Keel Point LLC raised its stake in ServiceNow by 17.2% during the 3rd quarter. Keel Point LLC now owns 1,249 shares of the information technology services provider’s stock valued at $1,149,000 after acquiring an additional 183 shares during the last quarter. Mirabella Financial Services LLP increased its holdings in shares of ServiceNow by 44.5% in the third quarter. Mirabella Financial Services LLP now owns 7,514 shares of the information technology services provider’s stock valued at $6,907,000 after purchasing an additional 2,313 shares during the period. Hudson Bay Capital Management LP raised its stake in shares of ServiceNow by 7,464.2% during the third quarter. Hudson Bay Capital Management LP now owns 16,054 shares of the information technology services provider’s stock worth $14,774,000 after purchasing an additional 16,272 shares during the last quarter. Saranac Partners Ltd acquired a new stake in shares of ServiceNow during the third quarter worth $4,030,000. Finally, IFP Advisors Inc lifted its holdings in shares of ServiceNow by 2.4% during the third quarter. IFP Advisors Inc now owns 4,910 shares of the information technology services provider’s stock worth $4,519,000 after purchasing an additional 113 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.