ServiceNow, Inc. (NYSE:NOW) Director Sells $2,351,920.48 in Stock

ServiceNow, Inc. (NYSE:NOW) Director Jeffrey A. Miller sold 2,282 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the sale, the director now directly owns 40,638 shares in the company, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

ServiceNow Price Performance

NYSE NOW traded down $13.18 during trading on Tuesday, hitting $1,008.63. 1,015,134 shares of the stock traded hands, compared to its average volume of 1,646,327. The company has a market capitalization of $207.78 billion, a P/E ratio of 147.68, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The firm has a 50-day simple moving average of $1,079.78 and a 200-day simple moving average of $968.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting 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, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Citigroup lowered their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Truist Financial increased their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Sanford C. Bernstein increased their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

Hedge Funds Weigh In On ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the stock. Atala Financial Inc bought a new stake in shares of ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the 4th quarter valued at $32,000. Noble Wealth Management PBC bought a new stake in ServiceNow during the 4th quarter valued at $34,000. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter valued at $30,000. Finally, FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other 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.