William R. Mcdermott Sells 384 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total value of $378,869.76. Following the transaction, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at $6,525,636.96. The trade was a 5.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

ServiceNow Stock Performance

ServiceNow stock opened at $937.79 on Friday. The stock has a market cap 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. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a 50 day simple moving average of $1,054.69 and a 200-day simple moving average of $977.09.

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 analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. The Goldman Sachs Group upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Scotiabank started coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. Finally, StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently 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 hedge funds and other institutional investors have recently modified their holdings of the company. Ascent Group LLC raised its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Ascent Group LLC now owns 2,035 shares of the information technology services provider’s stock valued at $2,157,000 after purchasing an additional 129 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of ServiceNow in the 4th quarter valued at $109,000. Mackenzie Financial Corp raised its holdings in shares of ServiceNow by 30.9% in the 4th quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock valued at $184,351,000 after purchasing an additional 41,058 shares in the last quarter. Forum Financial Management LP grew its position in shares of ServiceNow by 52.7% in the 4th quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock valued at $855,000 after buying an additional 278 shares during the last quarter. Finally, Michels Family Financial LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at $682,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.