ServiceNow, Inc. (NYSE:NOW) Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,710 shares of the information technology services provider’s stock after selling 375 shares during the quarter. D.A. Davidson & CO.’s holdings in ServiceNow were worth $14,534,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its stake in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after buying an additional 10 shares during the last quarter. Catalyst Financial Partners LLC increased its stake in shares of ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

ServiceNow stock opened at $995.97 on Wednesday. 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 has a fifty day moving average price of $1,067.83 and a two-hundred day moving average price of $974.54. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $205.17 billion, a P/E ratio of 145.82, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Cantor Fitzgerald began coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price for the company. Guggenheim restated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Sanford C. Bernstein upped their price target on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Robert W. Baird lowered their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the completion of the sale, the director now owns 1,322 shares in the company, valued at approximately $1,335,828.12. This trade represents a 23.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,811 shares of company stock valued at $11,159,073 in the last quarter. 0.25% of the stock is currently owned by insiders.

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.