ServiceNow (NYSE:NOW) Stock Price Down 2.4% Following Insider Selling

Shares of ServiceNow, Inc. (NYSE:NOW) dropped 2.4% on Thursday after an insider sold shares in the company. The stock traded as low as $958.87 and last traded at $963.60. Approximately 412,154 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,605,637 shares. The stock had previously closed at $987.14.

Specifically, CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the transaction, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. The trade was a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul John Smith sold 2,404 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total value of $2,356,040.20. Following the completion of the transaction, the insider now owns 6,244 shares in the company, valued at $6,119,432.20. This represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. In other ServiceNow news, insider Paul John Smith sold 1,184 shares of ServiceNow stock in a transaction on Friday, February 14th. The shares were sold at an average price of $980.08, for a total transaction of $1,160,414.72. Following the completion of the sale, the insider now owns 4,204 shares of the company’s stock, valued at $4,120,256.32. This trade represents a 21.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NOW shares. The Goldman Sachs Group increased their price target 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. Cantor Fitzgerald started coverage on ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Scotiabank started coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Oppenheimer increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. increased their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Down 2.5 %

The firm’s fifty day moving average is $1,061.97 and its 200-day moving average is $976.06. 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 has a market capitalization of $198.36 billion, a P/E ratio of 140.91, a P/E/G ratio of 4.64 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a share buyback 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after acquiring an additional 190,430 shares during the last quarter. State Street Corp increased its position in shares of ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after buying an additional 509,467 shares during the period. FMR LLC lifted its holdings in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Finally, World Investment Advisors LLC increased its holdings in shares of ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. 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.