Insider Selling: ServiceNow, Inc. (NYSE:NOW) Vice Chairman Sells 2,945 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

ServiceNow Stock Performance

ServiceNow stock traded down $21.24 during midday trading on Thursday, reaching $920.73. 1,453,773 shares of the company’s stock were exchanged, compared to its average volume of 1,664,602. The stock’s 50-day simple moving average is $1,044.39 and its 200 day simple moving average is $981.23. The firm has a market cap of $189.67 billion, a price-to-earnings ratio of 134.81, a P/E/G ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued 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%. On average, 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 plan 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On ServiceNow

Large investors have recently modified their holdings of the stock. Polymer Capital Management HK LTD raised its holdings in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. increased its holdings in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after buying an additional 1,105 shares during the period. Avidian Wealth Enterprises LLC raised its position in shares of ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Wells Fargo & Company lifted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Canaccord Genuity Group raised their target price on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Robert W. Baird reduced their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.