Wrapmanager Inc. Sells 309 Shares of ServiceNow, Inc. (NYSE:NOW)

Wrapmanager Inc. cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 16.8% during the 4th quarter, HoldingsChannel reports. The fund owned 1,525 shares of the information technology services provider’s stock after selling 309 shares during the quarter. Wrapmanager Inc.’s holdings in ServiceNow were worth $1,617,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Polymer Capital Management HK LTD boosted its position in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the fourth quarter worth $48,802,000. Dock Street Asset Management Inc. grew its stake in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Avidian Wealth Enterprises LLC increased its holdings in ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after purchasing an additional 138 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction 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 approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul John Smith sold 2,404 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the completion of the transaction, the insider now directly owns 6,244 shares in the company, valued at approximately $6,119,432.20. This represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,264 shares of company stock worth $13,358,909. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of several recent research reports. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Cantor Fitzgerald started coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price for the company. Raymond James began coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target on the stock. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Oppenheimer lifted their target price 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. One equities 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 company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Down 1.3 %

Shares of ServiceNow stock opened at $926.32 on Tuesday. The company has a market capitalization of $190.82 billion, a P/E ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The stock has a fifty day simple moving average of $1,050.62 and a 200 day simple moving average of $980.72. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding 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 an indication that the company’s leadership believes its shares are undervalued.

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.