PFG Advisors Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

PFG Advisors reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 922 shares of the information technology services provider’s stock after selling 27 shares during the period. PFG Advisors’ holdings in ServiceNow were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOW. Polymer Capital Management HK LTD raised its stake in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new position in ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its stake in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the period. Cardano Risk Management B.V. purchased a new position in ServiceNow during the fourth quarter worth about $105,090,000. Finally, Rheos Capital Works Inc. purchased a new position in ServiceNow during the fourth quarter worth about $10,071,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 4.0 %

NOW stock opened at $809.58 on Friday. The company has a fifty day moving average price of $997.51 and a 200 day moving average price of $983.31. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market cap of $166.77 billion, a price-to-earnings ratio of 118.53, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, 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 value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction 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 $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Guggenheim reiterated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,114.24.

ServiceNow Profile

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.