Morgan Stanley Downgrades ServiceNow (NYSE:NOW) to Equal Weight

Morgan Stanley lowered shares of ServiceNow (NYSE:NOW) from an overweight rating to an equal weight rating in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have $960.00 price objective on the information technology services provider’s stock, up from their prior price objective of $900.00.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus lifted their target price on ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. UBS Group upped their target price on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. JMP Securities upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research report on Monday, September 9th. Finally, Piper Sandler upped their target price on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $970.22.

ServiceNow Trading Up 5.4 %

Shares of NOW stock opened at $956.40 on Monday. The company has a market cap of $197.02 billion, a P/E ratio of 172.95, a PEG ratio of 5.04 and a beta of 0.99. The stock has a 50 day simple moving average of $880.60 and a two-hundred day simple moving average of $795.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow has a fifty-two week low of $527.24 and a fifty-two week high of $979.78.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.21 earnings per share. Research analysts forecast that ServiceNow will post 7.41 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total value of $110,970.00. Following the completion of the transaction, the director now owns 10,767 shares in the company, valued at $8,850,474. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Paul Edward Chamberlain sold 135 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total transaction of $110,970.00. Following the completion of the transaction, the director now owns 10,767 shares in the company, valued at approximately $8,850,474. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,799,853.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,467 shares of company stock worth $4,450,447 in the last quarter. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NOW. International Assets Investment Management LLC grew its stake in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. Swedbank AB purchased a new stake in ServiceNow during the 1st quarter worth about $897,908,000. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in ServiceNow during the 2nd quarter worth about $218,786,000. Finally, Acadian Asset Management LLC lifted its holdings in ServiceNow by 233.4% during the 1st quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock worth $295,198,000 after purchasing an additional 271,073 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

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.