ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer Sells 2,511 Shares

ServiceNow, Inc. (NYSE:NOW) 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 transaction of $2,541,357.99. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website.

ServiceNow Price Performance

Shares of NOW opened at $1,007.79 on Friday. The firm has a market cap of $207.61 billion, a PE ratio of 147.55, a P/E/G ratio of 4.74 and a beta of 0.99. 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. The firm has a fifty day simple moving average of $1,081.18 and a two-hundred day simple moving average of $962.06.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.94 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Barclays increased their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Stifel Nicolaus increased their price target on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Citigroup cut their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds have recently modified their holdings of NOW. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after buying an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its holdings in ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 10 shares in the last quarter. Catalyst Financial Partners LLC raised its stake in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after acquiring an additional 11 shares during the period. Institute for Wealth Management LLC. lifted its holdings in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares in the last quarter. Finally, TBH Global Asset Management LLC boosted its holdings in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the period. Institutional investors own 87.18% of the company’s stock.

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.