Jeffrey A. Miller Sells 2,282 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) Director Jeffrey A. Miller sold 2,282 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares of the company’s stock, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

ServiceNow Trading Down 2.7 %

Shares of ServiceNow stock opened at $981.42 on Thursday. The company’s 50-day moving average price is $1,078.82 and its 200-day moving average price is $969.48. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market cap of $202.17 billion, a price-to-earnings ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in NOW. Atala Financial Inc purchased a new position in shares of ServiceNow during the fourth quarter worth about $28,000. Truvestments Capital LLC bought a new stake in ServiceNow during the third quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. increased its holdings in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the 4th quarter valued at $34,000. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cantor Fitzgerald started coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target for the company. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. JPMorgan Chase & Co. raised their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Mizuho boosted their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

About ServiceNow

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.