ServiceNow, Inc. (NYSE:NOW) Vice Chairman Sells $2,720,355.40 in Stock

ServiceNow, Inc. (NYSE:NOW) Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

ServiceNow Stock Performance

Shares of NYSE NOW traded down $21.24 during midday trading on Thursday, hitting $920.73. The company’s stock had a trading volume of 1,453,773 shares, compared to its average volume of 1,664,602. 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, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market capitalization of $189.67 billion, a price-to-earnings ratio of 134.81, a P/E/G ratio of 4.51 and a beta of 0.99. The stock has a fifty day moving average price of $1,044.39 and a 200 day moving average price of $981.23.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Robert W. Baird lowered their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Guggenheim reaffirmed a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. The Goldman Sachs Group raised their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Brucke Financial Inc. bought a new stake in shares of ServiceNow during the 4th quarter worth $320,000. Omnia Family Wealth LLC purchased a new stake in ServiceNow during the fourth quarter valued at about $233,000. Bernard Wealth Management Corp. bought a new stake in ServiceNow during the fourth quarter worth about $122,000. HWG Holdings LP boosted its holdings in shares of ServiceNow by 5.2% in the 4th quarter. HWG Holdings LP now owns 5,669 shares of the information technology services provider’s stock worth $6,010,000 after purchasing an additional 281 shares in the last quarter. Finally, LifeWealth Investments LLC bought a new position in shares of ServiceNow during the 4th quarter valued at about $300,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.