Atria Wealth Solutions Inc. Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Atria Wealth Solutions Inc. reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,874 shares of the information technology services provider's stock after selling 1,071 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in ServiceNow were worth $9,407,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Avidian Wealth Enterprises LLC raised its position in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in shares of ServiceNow by 2.2% during the 4th 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. Catalyst Financial Partners LLC increased its stake in shares of ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider's stock worth $1,025,000 after purchasing an additional 11 shares during the last quarter. Institute for Wealth Management LLC. lifted 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. Finally, Capital Advisors Ltd. LLC lifted its stake in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider's stock valued at $84,000 after purchasing an additional 12 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $30.19 during trading on Friday, hitting $937.79. 2,001,299 shares of the stock traded hands, compared to its average volume of 1,645,842. The stock has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a PEG ratio of 4.60 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm's fifty day moving average is $1,058.36 and its 200-day moving average is $976.01.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 2,229 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul John Smith sold 2,404 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the transaction, the insider now owns 6,244 shares of the company's stock, valued at approximately $6,119,432.20. The trade was a 27.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock worth $16,065,122 in the last 90 days. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

NOW has been the topic of several research reports. Oppenheimer boosted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Needham & Company LLC upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, January 30th. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Finally, Citigroup dropped their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong 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 $1,129.72.

ServiceNow Company Profile

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.