Midland Wealth Advisors LLC Sells 60 Shares of ServiceNow, Inc. (NYSE:NOW)

Midland Wealth Advisors LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 466 shares of the information technology services provider’s stock after selling 60 shares during the quarter. Midland Wealth Advisors LLC’s holdings in ServiceNow were worth $494,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. United Bank bought a new position in shares of ServiceNow during the third quarter valued at about $480,000. Mesirow Financial Investment Management Inc. grew its stake in shares of ServiceNow by 6.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 391 shares of the information technology services provider’s stock valued at $349,000 after buying an additional 24 shares during the last quarter. Sigma Planning Corp grew its stake in shares of ServiceNow by 72.0% in the third quarter. Sigma Planning Corp now owns 4,703 shares of the information technology services provider’s stock worth $4,206,000 after purchasing an additional 1,969 shares during the last quarter. Legacy Capital Wealth Partners LLC grew its stake in shares of ServiceNow by 90.8% in the third quarter. Legacy Capital Wealth Partners LLC now owns 683 shares of the information technology services provider’s stock worth $611,000 after purchasing an additional 325 shares during the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in shares of ServiceNow by 9.5% in the third quarter. Baker Avenue Asset Management LP now owns 1,633 shares of the information technology services provider’s stock worth $1,460,000 after purchasing an additional 141 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

Shares of NOW opened at $781.60 on Tuesday. The company has a market capitalization of $161.01 billion, a P/E ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 has a 50 day moving average of $1,011.72 and a 200 day moving average of $985.64. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

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

ServiceNow announced that its board has approved a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

NOW has been the topic of several recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Guggenheim restated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, The Goldman Sachs Group raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% 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.