ServiceNow, Inc. (NYSE:NOW) Shares Sold by Summa Corp.

Summa Corp. lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 21.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 302 shares of the information technology services provider’s stock after selling 82 shares during the quarter. Summa Corp.’s holdings in ServiceNow were worth $320,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of NOW. Milestone Asset Management LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth about $750,000. Hanson & Doremus Investment Management lifted its position in shares of ServiceNow by 5.2% during the fourth quarter. Hanson & Doremus Investment Management now owns 427 shares of the information technology services provider’s stock worth $453,000 after purchasing an additional 21 shares in the last quarter. Orrstown Financial Services Inc. lifted its position in shares of ServiceNow by 1.8% during the fourth quarter. Orrstown Financial Services Inc. now owns 739 shares of the information technology services provider’s stock worth $783,000 after purchasing an additional 13 shares in the last quarter. Field & Main Bank lifted its position in shares of ServiceNow by 7.3% during the fourth quarter. Field & Main Bank now owns 1,918 shares of the information technology services provider’s stock worth $2,033,000 after purchasing an additional 130 shares in the last quarter. Finally, Allen Capital Group LLC lifted its position in shares of ServiceNow by 24.1% during the fourth quarter. Allen Capital Group LLC now owns 674 shares of the information technology services provider’s stock worth $715,000 after purchasing an additional 131 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $1,144.86 on Thursday. The company has a market cap of $235.84 billion, a P/E ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99. The stock has a fifty day moving average price of $1,082.77 and a 200 day moving average price of $950.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. On average, research analysts forecast that ServiceNow, Inc. will post 7.06 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a share buyback plan 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated 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 directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock worth $21,016,751 in the last quarter. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NOW shares. JMP Securities upped their target price on shares of ServiceNow from $1,000.00 to $1,300.00 and gave the stock a “market outperform” rating in a research note on Tuesday, January 21st. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. Finally, Mizuho increased their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,116.14.

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.