ServiceNow, Inc. (NYSE:NOW) Insider Sells $253,145.00 in Stock

ServiceNow, Inc. (NYSE:NOW) insider Jacqueline P. Canney sold 257 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $253,145.00. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,981,595. The trade was a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ServiceNow Stock Up 0.7%

NOW opened at $981.13 on Monday. The stock has a market cap of $203.09 billion, a price-to-earnings ratio of 143.65, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm’s fifty day moving average is $844.85 and its 200 day moving average is $970.58. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the business earned $3.41 earnings per share. The business’s revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback program 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On ServiceNow

A number of institutional investors have recently added to or reduced their stakes in NOW. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter worth $26,000. Quarry LP bought a new position in shares of ServiceNow during the 4th quarter valued at about $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the 4th quarter valued at about $28,000. Finally, WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NOW shares. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Stifel Nicolaus boosted their target price on ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Piper Sandler reduced 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 note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $1,055.83.

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.