ServiceNow, Inc. (NYSE:NOW - Get Free Report)'s stock price traded down 1.9% on Wednesday after an insider sold shares in the company. The stock traded as low as $977.63 and last traded at $978.85. 416,398 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,601,123 shares. The stock had previously closed at $997.48.
Specifically, CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. This trade represents a 5.49 % 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, insider Paul John Smith sold 2,404 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the sale, the insider now owns 6,244 shares of the company's stock, valued at approximately $6,119,432.20. This represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. In other ServiceNow news, insider Paul John Smith sold 1,184 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $980.08, for a total value of $1,160,414.72. Following the completion of the sale, the insider now owns 4,204 shares in the company, valued at $4,120,256.32. This trade represents a 21.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Analyst Ratings Changes
A number of analysts have commented on the stock. Stifel Nicolaus increased their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a "buy" rating in a research note on Thursday, October 24th. Needham & Company LLC raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. TD Cowen raised 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 note on Tuesday, December 10th. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a research note on Thursday, December 12th. Finally, JMP Securities restated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. One 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. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,129.72.
Check Out Our Latest Stock Analysis on ServiceNow
ServiceNow Trading Down 3.1 %
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 capitalization of $193.18 billion, a P/E ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The firm's fifty day simple moving average is $1,054.69 and its 200 day simple moving average is $977.09.
ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.
ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On ServiceNow
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Avidian Wealth Enterprises LLC grew its holdings in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its holdings 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 valued at $487,000 after purchasing an additional 10 shares during the last quarter. Catalyst Financial Partners LLC grew its holdings 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 valued at $1,025,000 after purchasing an additional 11 shares during the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of ServiceNow by 0.4% during the 4th 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, TBH Global Asset Management LLC grew its holdings in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after purchasing an additional 11 shares during the last quarter. 87.18% of the stock is owned by institutional investors.
About ServiceNow
(
Get 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.
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