Howard Bailey Securities LLC Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Howard Bailey Securities LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 10.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 388 shares of the information technology services provider’s stock after selling 44 shares during the period. Howard Bailey Securities LLC’s holdings in ServiceNow were worth $411,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. CX Institutional boosted its stake in ServiceNow by 1.2% during the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after purchasing an additional 13 shares during the last quarter. Wesbanco Bank Inc. raised its holdings in ServiceNow by 40.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock valued at $327,000 after acquiring an additional 106 shares during the last quarter. Creative Planning lifted its stake in ServiceNow by 8.1% in the 3rd quarter. Creative Planning now owns 55,887 shares of the information technology services provider’s stock worth $49,985,000 after purchasing an additional 4,170 shares in the last quarter. Magnus Financial Group LLC boosted its holdings in shares of ServiceNow by 4.8% during the 3rd quarter. Magnus Financial Group LLC now owns 484 shares of the information technology services provider’s stock worth $433,000 after purchasing an additional 22 shares during the last quarter. Finally, Regatta Capital Group LLC grew its position in shares of ServiceNow by 363.9% in the third quarter. Regatta Capital Group LLC now owns 1,234 shares of the information technology services provider’s stock valued at $1,104,000 after purchasing an additional 968 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on NOW. Jefferies Financial Group lowered their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. TD Cowen boosted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company raised their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the transaction, the director now owns 1,322 shares in the company, valued at $1,335,828.12. This trade represents a 23.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,224 shares of company stock valued at $25,593,525. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Down 2.7 %

Shares of NYSE:NOW opened at $981.42 on Thursday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $1,078.82 and its 200-day simple moving average is $969.48. The company has a market cap of $202.17 billion, a price-to-earnings ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99.

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

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

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.