Amalgamated Bank Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Amalgamated Bank reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,415 shares of the information technology services provider’s stock after selling 90 shares during the quarter. Amalgamated Bank’s holdings in ServiceNow were worth $47,085,000 as of its most recent filing with the SEC.

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

ServiceNow Stock Performance

Shares of NOW opened at $926.32 on Tuesday. 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, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market capitalization of $190.82 billion, a PE ratio of 135.63, a PEG ratio of 4.51 and a beta of 0.99. The stock has a 50-day simple moving average of $1,050.62 and a 200-day simple moving average of $980.72.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,264 shares of company stock valued at $13,358,909. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on NOW. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow 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.