William R. Mcdermott Sells 1,263 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

ServiceNow Trading Down 2.7 %

Shares of ServiceNow stock opened at $981.42 on Thursday. The firm has a market cap of $202.17 billion, a PE ratio of 143.69, a P/E/G ratio of 4.76 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 fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The business’s fifty day moving average is $1,078.82 and its two-hundred day moving average is $969.48.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently bought and sold shares of the stock. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of ServiceNow during the 3rd quarter worth $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in ServiceNow by 1,929.2% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock worth $3,049,000 after acquiring an additional 3,241 shares during the last quarter. Thomasville National Bank raised its holdings in shares of ServiceNow by 9.3% in the 3rd quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock worth $13,689,000 after purchasing an additional 1,307 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after purchasing an additional 94 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in shares of ServiceNow in the 3rd quarter valued at about $611,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Piper Sandler upped their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial increased their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Finally, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.