Paladin Wealth LLC Sells 12 Shares of ServiceNow, Inc. (NYSE:NOW)

Paladin Wealth LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 671 shares of the information technology services provider’s stock after selling 12 shares during the quarter. Paladin Wealth LLC’s holdings in ServiceNow were worth $711,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. McGlone Suttner Wealth Management Inc. purchased a new position in shares of ServiceNow in the third quarter worth about $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in ServiceNow by 1,929.2% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock worth $3,049,000 after purchasing an additional 3,241 shares during the period. Thomasville National Bank lifted its position in ServiceNow by 9.3% in the third quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock valued at $13,689,000 after purchasing an additional 1,307 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in ServiceNow by 14.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after purchasing an additional 94 shares during the last quarter. Finally, Procyon Advisors LLC boosted its stake in shares of ServiceNow by 83.7% during the third quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock valued at $1,788,000 after purchasing an additional 912 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 1.3 %

NYSE NOW opened at $1,021.52 on Tuesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month 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. The stock’s fifty day moving average price is $1,080.32 and its 200-day moving average price is $966.85. The stock has a market cap of $210.43 billion, a P/E ratio of 149.56, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,702 shares of company stock worth $20,965,306 over the last 90 days. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Jefferies Financial Group dropped their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Mizuho raised their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Citigroup lowered their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

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.