ServiceNow, Inc. (NYSE:NOW) Insider Jacqueline P. Canney Sells 66 Shares

ServiceNow, Inc. (NYSE:NOW) insider Jacqueline P. Canney sold 66 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,096,621. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

ServiceNow Stock Up 0.8%

Shares of NOW stock opened at $1,035.34 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a market cap of $214.32 billion, a P/E ratio of 151.59, a P/E/G ratio of 4.51 and a beta of 0.97. 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 company has a 50 day simple moving average of $858.93 and a two-hundred day simple moving average of $972.52.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company’s revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.41 earnings per share. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently modified their holdings of NOW. GAMMA Investing LLC boosted its position in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Norges Bank bought a new position in shares of ServiceNow in the fourth quarter worth approximately $2,603,360,000. Nuveen LLC bought a new position in shares of ServiceNow during the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Citigroup lifted their target price on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Canaccord Genuity Group decreased their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, Stifel Nicolaus lifted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Company 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.