Redmond Asset Management LLC Sells 37 Shares of ServiceNow, Inc. (NYSE:NOW)

Redmond Asset Management LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,861 shares of the information technology services provider’s stock after selling 37 shares during the period. Redmond Asset Management LLC’s holdings in ServiceNow were worth $1,973,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. bought a new stake in ServiceNow in the fourth quarter valued at $718,000. Element Wealth LLC bought a new stake in ServiceNow in the fourth quarter valued at $223,000. Bradley Foster & Sargent Inc. CT boosted its holdings in ServiceNow by 160.9% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 3,133 shares of the information technology services provider’s stock valued at $3,321,000 after acquiring an additional 1,932 shares in the last quarter. Arcadia Investment Management Corp MI boosted its holdings in ServiceNow by 2.1% in the fourth quarter. Arcadia Investment Management Corp MI now owns 13,600 shares of the information technology services provider’s stock valued at $14,418,000 after acquiring an additional 277 shares in the last quarter. Finally, Compass Capital Corp MA ADV bought a new stake in ServiceNow in the fourth quarter valued at $1,475,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $937.79 on Friday. The firm’s 50 day moving average price is $1,054.69 and its 200-day moving average price is $977.09. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. 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 stock has a market capitalization of $193.18 billion, a PE ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued 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%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a share 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,806 shares of company stock worth $16,065,122 in the last quarter. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial lifted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Jefferies Financial Group reduced their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price 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.