Glen Eagle Advisors LLC Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Glen Eagle Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,389 shares of the information technology services provider’s stock after selling 81 shares during the period. Glen Eagle Advisors LLC’s holdings in ServiceNow were worth $2,533,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Quarry LP acquired a new stake in ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of ServiceNow during the 4th quarter worth about $34,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,061 shares of company stock valued at $9,515,766 in the last three months. Insiders own 0.38% of the company’s stock.

ServiceNow Trading Down 0.5%

Shares of ServiceNow stock opened at $1,020.53 on Wednesday. The firm’s 50 day moving average is $871.37 and its 200 day moving average is $974.45. The firm has a market capitalization of $211.25 billion, a PE ratio of 149.42, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year 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 posted its 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. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. The company’s revenue was up 18.6% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NOW. Robert W. Baird boosted their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Sanford C. Bernstein reissued an “outperform” rating and issued a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Jefferies Financial Group reduced their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Piper Sandler decreased their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Finally, Oppenheimer reissued an “outperform” rating and issued a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

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.