Why ServiceNow Stock Dove by Almost 3% on Wednesday
Investors turned away from business process software stock ServiceNow (NYSE: NOW) on Hump Day. That was on the back of an analyst's price target cut, even though said pundit remained generally optimistic about the company's prospects.Regardless, the market's reaction was expressed in a sell-off that pushed the stock's price down by 2.6%, a steeper fall than the S&P 500's (SNPINDEX: ^GSPC) 1.1% slide.Baird prognosticator Rob Oliver was the individual behind the move. Before the market open, he adjusted his ServiceNow price target downward, to $1,010 per share from his preceding $1,200. That was the bad news for the company and its investors. The good news was that Oliver maintained his outperform (read: buy) recommendation on the stock. Continue reading
Investors turned away from business process software stock ServiceNow (NYSE: NOW) on Hump Day. That was on the back of an analyst's price target cut, even though said pundit remained generally optimistic about the company's prospects.
Regardless, the market's reaction was expressed in a sell-off that pushed the stock's price down by 2.6%, a steeper fall than the S&P 500's (SNPINDEX: ^GSPC) 1.1% slide.
Baird prognosticator Rob Oliver was the individual behind the move. Before the market open, he adjusted his ServiceNow price target downward, to $1,010 per share from his preceding $1,200. That was the bad news for the company and its investors. The good news was that Oliver maintained his outperform (read: buy) recommendation on the stock.
