Insider Selling: ServiceNow, Inc. (NYSE:NOW) General Counsel Sells $1,010,724.00 in Stock

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 1,023 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. This trade represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $937.79 on Friday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market capitalization of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The company has a fifty day moving average of $1,054.69 and a 200-day moving average of $977.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on NOW shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Cantor Fitzgerald started coverage on shares of ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday. They set a “buy” rating on the stock. JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Needham & Company LLC upped their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently added to or reduced their stakes in the company. Ascent Group LLC grew its holdings in ServiceNow by 6.8% in the 4th quarter. Ascent Group LLC now owns 2,035 shares of the information technology services provider’s stock worth $2,157,000 after acquiring an additional 129 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in ServiceNow in the 4th quarter worth $109,000. Mackenzie Financial Corp grew its holdings in ServiceNow by 30.9% in the 4th quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock worth $184,351,000 after acquiring an additional 41,058 shares during the last quarter. Forum Financial Management LP boosted its stake in shares of ServiceNow by 52.7% during the 4th quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock valued at $855,000 after purchasing an additional 278 shares in the last quarter. Finally, Michels Family Financial LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $682,000. Institutional investors own 87.18% of the company’s stock.

About ServiceNow

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.