Steel Grove Capital Advisors LLC Sells 224 Shares of ServiceNow, Inc. (NYSE:NOW)

Steel Grove Capital Advisors LLC lessened its position in ServiceNow, Inc. (NYSE:NOW) by 23.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 723 shares of the information technology services provider’s stock after selling 224 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ServiceNow were worth $767,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of NOW. Atala Financial Inc acquired a new position in shares of ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the 4th quarter worth $32,000. Noble Wealth Management PBC acquired a new stake in ServiceNow in the 4th quarter valued at approximately $34,000. FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter valued at about $37,000. Institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Bank of America decreased their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group dropped their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. Finally, JMP Securities restated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,054.73.

Insider Activity at ServiceNow

In other ServiceNow news, 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 directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares in the company, valued at $41,883,148.32. The trade was a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,250 shares of company stock valued at $19,853,273. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Down 1.9 %

Shares of ServiceNow stock opened at $757.13 on Tuesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The business’s fifty day moving average price is $848.45 and its two-hundred day moving average price is $969.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $156.73 billion, a P/E ratio of 110.85, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

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.