ServiceNow, Inc. (NYSE:NOW) General Counsel Sells $341,896.80 in Stock

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 336 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. The trade was a 7.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

ServiceNow Stock Up 0.7 %

Shares of NOW opened at $989.70 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a market cap of $203.88 billion, a P/E ratio of 144.90, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The firm’s 50-day simple moving average is $1,075.99 and its 200 day simple moving average is $969.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow declared that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after purchasing an additional 190,430 shares in the last quarter. State Street Corp grew its position in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC grew its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. World Investment Advisors LLC grew its position in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NOW. Mizuho upped their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Oppenheimer boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Stifel Nicolaus boosted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Citigroup cut their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.