Sequoia Financial Advisors LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,249 shares of the information technology services provider's stock after selling 1,306 shares during the quarter. Sequoia Financial Advisors LLC's holdings in ServiceNow were worth $22,527,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Prosperity Wealth Management Inc. purchased a new position in shares of ServiceNow in the 4th quarter worth about $304,000. Prosperity Financial Group Inc. grew its position in ServiceNow by 22.9% during the fourth quarter. Prosperity Financial Group Inc. now owns 800 shares of the information technology services provider's stock valued at $848,000 after buying an additional 149 shares during the period. Natural Investments LLC bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $5,096,000. Avantax Planning Partners Inc. increased its stake in shares of ServiceNow by 1.6% in the fourth quarter. Avantax Planning Partners Inc. now owns 890 shares of the information technology services provider's stock worth $944,000 after purchasing an additional 14 shares in the last quarter. Finally, GC Wealth Management RIA LLC raised its holdings in ServiceNow by 1.6% during the fourth quarter. GC Wealth Management RIA LLC now owns 1,367 shares of the information technology services provider's stock valued at $1,449,000 after acquiring an additional 21 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.
ServiceNow Stock Performance
Shares of NOW stock opened at $810.27 on Wednesday. The stock has a fifty day moving average price of $1,006.72 and a 200 day moving average price of $985.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $166.92 billion, a PE ratio of 118.63, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.
ServiceNow (NYSE:NOW - Get Free Report) last issued its 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 return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.
ServiceNow announced that its board has approved a stock buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Insiders Place Their Bets
In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Insiders own 0.25% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on NOW. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price target on the stock. Redburn Atlantic initiated coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. StockNews.com lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Citigroup lowered their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. Finally, Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,114.24.
Check Out Our Latest Research Report on ServiceNow
ServiceNow Profile
(
Free Report)
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.
Further Reading
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