Mathes Company Inc. Sells 503 Shares of ServiceNow, Inc. (NYSE:NOW)

Mathes Company Inc. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,107 shares of the information technology services provider's stock after selling 503 shares during the period. ServiceNow comprises approximately 2.0% of Mathes Company Inc.'s portfolio, making the stock its 16th largest position. Mathes Company Inc.'s holdings in ServiceNow were worth $5,414,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Creative Planning increased its stake in shares of ServiceNow by 8.1% during the third quarter. Creative Planning now owns 55,887 shares of the information technology services provider's stock worth $49,985,000 after acquiring an additional 4,170 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of ServiceNow by 12.2% during the third quarter. Stratos Wealth Partners LTD. now owns 8,646 shares of the information technology services provider's stock worth $7,733,000 after acquiring an additional 938 shares during the period. Capital Investment Advisors LLC increased its stake in shares of ServiceNow by 15.2% during the third quarter. Capital Investment Advisors LLC now owns 2,717 shares of the information technology services provider's stock worth $2,430,000 after acquiring an additional 359 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of ServiceNow by 0.3% during the third quarter. Commonwealth Equity Services LLC now owns 52,343 shares of the information technology services provider's stock worth $46,815,000 after acquiring an additional 139 shares during the period. Finally, Everett Harris & Co. CA acquired a new position in shares of ServiceNow during the third quarter worth about $215,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.9 %

NOW stock traded down $18.95 during trading on Thursday, reaching $968.19. The stock had a trading volume of 1,349,334 shares, compared to its average volume of 1,635,015. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $199.45 billion, a P/E ratio of 141.76, a PEG ratio of 4.64 and a beta of 0.99. The firm has a fifty day moving average price of $1,061.97 and a 200 day moving average price of $976.06.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Canaccord Genuity Group upped their target price on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Mizuho upped their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an "overweight" rating and a $1,332.00 target price on the stock. TD Cowen upped their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,129.72.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,806 shares of company stock valued at $16,065,122 in the last quarter. Insiders own 0.25% of the company's stock.

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.