MGO One Seven LLC Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

MGO One Seven LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,975 shares of the information technology services provider’s stock after selling 148 shares during the period. MGO One Seven LLC’s holdings in ServiceNow were worth $3,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Atala Financial Inc purchased a new position in ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the fourth quarter worth about $32,000. FPC Investment Advisory Inc. lifted its position in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. Noble Wealth Management PBC bought a new position in ServiceNow during the fourth quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow during the 4th quarter valued at approximately $37,000. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. UBS Group lowered their price objective on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Canaccord Genuity Group reduced their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus decreased their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,021.43.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock valued at $19,853,273 over the last ninety days. 0.38% of the stock is owned by company insiders.

ServiceNow Price Performance

NOW opened at $815.92 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $840.59 and its 200-day simple moving average is $967.11. The company has a market capitalization of $168.90 billion, a price-to-earnings ratio of 119.46, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $3.78 by ($1.47). ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

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.