KLCM Advisors Inc. Sells 1,000 Shares of ServiceNow, Inc. (NYSE:NOW)

KLCM Advisors Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 50.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,000 shares of the information technology services provider’s stock after selling 1,000 shares during the period. KLCM Advisors Inc.’s holdings in ServiceNow were worth $1,060,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of NOW. Creative Planning boosted its holdings 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 buying an additional 4,170 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of ServiceNow by 12.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 8,646 shares of the information technology services provider’s stock valued at $7,733,000 after acquiring an additional 938 shares during the last quarter. Capital Investment Advisors LLC lifted its holdings in shares of ServiceNow by 15.2% in the 3rd quarter. Capital Investment Advisors LLC now owns 2,717 shares of the information technology services provider’s stock valued at $2,430,000 after acquiring an additional 359 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of ServiceNow by 0.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 52,343 shares of the information technology services provider’s stock valued at $46,815,000 after acquiring an additional 139 shares during the last quarter. Finally, Everett Harris & Co. CA bought a new position in shares of ServiceNow in the 3rd quarter valued at about $215,000. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,082 shares of company stock worth $23,401,482 over the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $985.67 on Monday. The firm has a market cap of $203.05 billion, a price-to-earnings ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. The company’s 50 day moving average is $1,070.53 and its 200 day moving average is $972.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its 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%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent analyst reports. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Evercore ISI increased their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.