ServiceNow, Inc. (NYSE:NOW) Shares Sold by Advisory Resource Group

Advisory Resource Group cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,008 shares of the information technology services provider’s stock after selling 130 shares during the period. Advisory Resource Group’s holdings in ServiceNow were worth $1,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Forbes J M & Co. LLP grew its position in shares of ServiceNow by 0.4% during the fourth quarter. Forbes J M & Co. LLP now owns 5,422 shares of the information technology services provider’s stock worth $5,748,000 after buying an additional 19 shares in the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of ServiceNow by 3.5% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,693 shares of the information technology services provider’s stock worth $3,915,000 after buying an additional 125 shares in the last quarter. Kingsview Wealth Management LLC grew its position in shares of ServiceNow by 4.8% during the fourth quarter. Kingsview Wealth Management LLC now owns 2,765 shares of the information technology services provider’s stock worth $2,931,000 after buying an additional 127 shares in the last quarter. Apollon Wealth Management LLC grew its position in shares of ServiceNow by 10.2% during the fourth quarter. Apollon Wealth Management LLC now owns 3,123 shares of the information technology services provider’s stock worth $3,311,000 after buying an additional 288 shares in the last quarter. Finally, Almanack Investment Partners LLC. acquired a new position in ServiceNow in the fourth quarter valued at approximately $216,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

ServiceNow stock opened at $1,007.79 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month 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 business has a 50 day simple moving average of $1,080.32 and a 200-day simple moving average of $963.81. The stock has a market capitalization of $207.61 billion, a PE ratio of 147.55, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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%. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a stock 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Cantor Fitzgerald began coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target for the company. Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. TD Cowen upped their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. upped their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the completion of the transaction, the general counsel now owns 6,843 shares of the company’s stock, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,702 shares of company stock worth $20,965,306. 0.25% of the stock is owned by corporate insiders.

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.