Denali Advisors LLC Sells 47 Shares of ServiceNow, Inc. (NYSE:NOW)

Denali Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.6% during the 4th quarter, Holdings Channel reports. The firm owned 8,046 shares of the information technology services provider’s stock after selling 47 shares during the period. ServiceNow makes up approximately 0.9% of Denali Advisors LLC’s investment portfolio, making the stock its 18th biggest position. Denali Advisors LLC’s holdings in ServiceNow were worth $8,530,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP lifted its position in shares of ServiceNow by 1.5% in the 3rd quarter. Allworth Financial LP now owns 1,113 shares of the information technology services provider’s stock worth $996,000 after purchasing an additional 16 shares during the period. Modera Wealth Management LLC bought a new position in ServiceNow in the third quarter worth about $244,000. J.W. Cole Advisors Inc. raised its stake in ServiceNow by 32.9% in the third quarter. J.W. Cole Advisors Inc. now owns 2,259 shares of the information technology services provider’s stock worth $2,020,000 after buying an additional 559 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in ServiceNow by 10.4% in the third quarter. Nisa Investment Advisors LLC now owns 62,941 shares of the information technology services provider’s stock worth $56,294,000 after buying an additional 5,909 shares during the period. Finally, Orrstown Financial Services Inc. boosted its position in ServiceNow by 18.0% during the 3rd quarter. Orrstown Financial Services Inc. now owns 726 shares of the information technology services provider’s stock valued at $649,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $922.14 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company’s fifty day moving average price is $1,046.77 and its 200-day moving average price is $981.50. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market capitalization of $189.96 billion, a PE ratio of 135.01, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly 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 net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,706 shares of company stock worth $17,644,106. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Mizuho upped their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Piper Sandler raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.