Principle Wealth Partners LLC Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Principle Wealth Partners LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 4.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,126 shares of the information technology services provider’s stock after selling 100 shares during the quarter. Principle Wealth Partners LLC’s holdings in ServiceNow were worth $2,254,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of NOW. Truvestments Capital LLC acquired a new stake in ServiceNow in the third quarter valued at approximately $30,000. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter valued at $37,000. DT Investment Partners LLC grew its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares in the last quarter. Oakworth Capital Inc. grew its holdings in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new stake in ServiceNow during the 4th quarter worth $50,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,702 shares of company stock valued at $20,965,306. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $1,021.52 on Tuesday. The company has a 50-day moving average price of $1,080.32 and a two-hundred day moving average price of $966.85. The stock has a market cap of $210.43 billion, a price-to-earnings ratio of 149.56, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. 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 52 week low of $637.99 and a 52 week 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, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on NOW shares. Truist Financial raised their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Citigroup lowered their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $900.00 to $960.00 in a research report on Monday, October 21st. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Oppenheimer upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow 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.