Dynasty Wealth Management LLC Has $3.35 Million Position in ServiceNow, Inc. (NYSE:NOW)

Dynasty Wealth Management LLC cut its position in ServiceNow, Inc. (NYSE:NOW) by 16.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,161 shares of the information technology services provider’s stock after selling 609 shares during the quarter. Dynasty Wealth Management LLC’s holdings in ServiceNow were worth $3,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Private Trust Co. NA raised its holdings in ServiceNow by 15.2% in the 4th quarter. Private Trust Co. NA now owns 431 shares of the information technology services provider’s stock valued at $457,000 after acquiring an additional 57 shares in the last quarter. First American Bank raised its stake in ServiceNow by 1.7% in the fourth quarter. First American Bank now owns 5,768 shares of the information technology services provider’s stock valued at $6,115,000 after purchasing an additional 94 shares in the last quarter. Verus Capital Partners LLC lifted its position in ServiceNow by 63.1% during the fourth quarter. Verus Capital Partners LLC now owns 393 shares of the information technology services provider’s stock worth $417,000 after purchasing an additional 152 shares during the period. Linscomb Wealth Inc. grew its stake in ServiceNow by 5.7% during the fourth quarter. Linscomb Wealth Inc. now owns 2,645 shares of the information technology services provider’s stock worth $2,804,000 after buying an additional 143 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in ServiceNow by 15.8% in the 4th quarter. QRG Capital Management Inc. now owns 14,427 shares of the information technology services provider’s stock valued at $15,294,000 after buying an additional 1,965 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research analyst reports. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Robert W. Baird decreased their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Scotiabank began coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

ServiceNow Trading Down 2.3 %

NYSE:NOW opened at $920.73 on Friday. The company has a market cap of $189.67 billion, a P/E ratio of 134.81, a P/E/G ratio of 4.51 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 stock’s fifty day moving average price is $1,041.30 and its two-hundred day moving average price is $980.81.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has approved a share repurchase plan 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.