ServiceNow, Inc. (NYSE:NOW) Director Sells $2,351,920.48 in Stock

ServiceNow, Inc. (NYSE:NOW) Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now owns 40,638 shares of the company’s stock, valued at $41,883,148.32. The trade was a 5.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

ServiceNow Trading Down 2.7 %

NYSE NOW opened at $981.42 on Thursday. The stock’s 50 day moving average is $1,078.82 and its 200 day moving average is $969.48. 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 firm has a market capitalization of $202.17 billion, a PE ratio of 143.69, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Raymond James began coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Wells Fargo & Company lifted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, TD Cowen increased their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Institutional Trading of ServiceNow

Institutional investors have recently bought and sold shares of the company. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the fourth quarter valued at $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow in the 4th quarter worth about $34,000. Truvestments Capital LLC bought a new position in ServiceNow during the 3rd quarter valued at about $30,000. Finally, FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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.