ServiceNow, Inc. (NYSE:NOW) CEO Sells $1,287,123.30 in Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction 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 owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

ServiceNow Trading Down 2.7 %

Shares of NOW stock opened at $981.42 on Thursday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a market capitalization of $202.17 billion, a PE ratio of 143.69, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The stock has a fifty day moving average of $1,078.82 and a two-hundred day moving average of $969.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow declared that its board has initiated a stock repurchase plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Landscape Capital Management L.L.C. lifted its position in ServiceNow by 353.5% in the fourth quarter. Landscape Capital Management L.L.C. now owns 1,891 shares of the information technology services provider’s stock worth $2,005,000 after purchasing an additional 1,474 shares during the period. PAX Financial Group LLC raised its stake in shares of ServiceNow by 21.0% in the 4th quarter. PAX Financial Group LLC now owns 658 shares of the information technology services provider’s stock worth $698,000 after buying an additional 114 shares in the last quarter. Thoroughbred Financial Services LLC lifted its holdings in shares of ServiceNow by 1.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,458 shares of the information technology services provider’s stock valued at $3,665,000 after buying an additional 38 shares during the period. Proem Advisors LLC bought a new position in ServiceNow during the fourth quarter valued at about $3,079,000. Finally, Uniting Wealth Partners LLC acquired a new position in ServiceNow during the fourth quarter worth about $2,120,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NOW. Evercore ISI upped their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Cantor Fitzgerald began coverage on ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price objective on the stock. Finally, Scotiabank began coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. One 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 issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has an average 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.