ServiceNow, Inc. (NYSE:NOW) Stock Holdings Lessened by Washington Trust Advisors Inc.

Washington Trust Advisors Inc. reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 14.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 86 shares of the information technology services provider’s stock after selling 15 shares during the period. Washington Trust Advisors Inc.’s holdings in ServiceNow were worth $91,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Truvestments Capital LLC bought a new stake in ServiceNow in the 3rd quarter valued at about $30,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Noble Wealth Management PBC bought a new stake in ServiceNow in the 4th quarter valued at about $34,000. Heck Capital Advisors LLC bought a new stake in ServiceNow in the 4th quarter valued at about $37,000. Finally, Stonebridge Financial Group LLC bought a new stake in ServiceNow in the 4th quarter valued at about $37,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $865.79 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a 50-day moving average of $1,022.06 and a two-hundred day moving average of $983.75. The stock has a market cap of $178.35 billion, a price-to-earnings ratio of 126.76, a PEG ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Piper Sandler raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Wells Fargo & Company raised their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. One investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow 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 completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by company insiders.

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.