ServiceNow, Inc. (NYSE:NOW) CEO Sells $378,869.76 in Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the transaction, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,525,636.96. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

ServiceNow Price Performance

NOW traded down $10.88 during midday trading on Wednesday, reaching $986.61. 1,736,991 shares of the company’s stock were exchanged, compared to its average volume of 1,642,553. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $1,065.18 and a two-hundred day simple moving average of $975.99. The firm has a market capitalization of $203.24 billion, a price-to-earnings ratio of 144.45, a price-to-earnings-growth ratio of 4.59 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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%. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analyst Ratings Changes

Several research firms have weighed in on NOW. The Goldman Sachs Group raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Cantor Fitzgerald initiated coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Needham & Company LLC boosted their price objective 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. Finally, Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday. They issued a “buy” rating on the stock. One equities research 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 stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently made changes to their positions in NOW. Avidian Wealth Enterprises LLC grew its stake in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its position in ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 10 shares during the last quarter. Catalyst Financial Partners LLC increased its holdings in 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 in the last quarter. Institute for Wealth Management LLC. raised its position in ServiceNow by 0.4% in 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 boosted its stake in ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after purchasing an additional 11 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

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.