ServiceNow, Inc. (NYSE:NOW) Position Lessened by Capital Investment Services of America Inc.

Capital Investment Services of America Inc. cut its position in ServiceNow, Inc. (NYSE:NOW) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 37,403 shares of the information technology services provider’s stock after selling 788 shares during the quarter. ServiceNow makes up approximately 3.8% of Capital Investment Services of America Inc.’s investment portfolio, making the stock its 5th largest holding. Capital Investment Services of America Inc.’s holdings in ServiceNow were worth $39,652,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Redhawk Wealth Advisors Inc. raised its stake in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the last quarter. Catalyst Financial Partners LLC raised its position in shares of ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after purchasing an additional 11 shares during the last quarter. Institute for Wealth Management LLC. grew its position in ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares during the last quarter. First Affirmative Financial Network increased its stake in ServiceNow by 1.4% during the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after purchasing an additional 12 shares in the last quarter. Finally, Capital Advisors Ltd. LLC grew its holdings in shares of ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after buying an additional 12 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Up 1.6 %

NOW stock opened at $1,026.25 on Thursday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business’s 50-day moving average is $1,081.85 and its 200 day moving average is $961.18. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $211.41 billion, a price-to-earnings ratio of 150.26, a PEG ratio of 4.74 and a beta of 0.99.

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, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

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

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,778 shares of company stock valued at $21,042,138 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Piper Sandler raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird decreased their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Barclays increased their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.