Private Advisor Group LLC Sells 568 Shares of ServiceNow, Inc. (NYSE:NOW)

Private Advisor Group LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,622 shares of the information technology services provider’s stock after selling 568 shares during the period. Private Advisor Group LLC’s holdings in ServiceNow were worth $12,320,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Financial Perspectives Inc increased its position in shares of ServiceNow by 12.6% during the 4th quarter. Financial Perspectives Inc now owns 545 shares of the information technology services provider’s stock worth $578,000 after purchasing an additional 61 shares during the last quarter. Alberta Investment Management Corp acquired a new position in ServiceNow during the fourth quarter worth $32,176,000. Vista Capital Partners Inc. acquired a new position in ServiceNow during the fourth quarter worth $337,000. Hudson Value Partners LLC raised its position in ServiceNow by 2.8% during the fourth quarter. Hudson Value Partners LLC now owns 1,393 shares of the information technology services provider’s stock worth $1,477,000 after acquiring an additional 38 shares in the last quarter. Finally, Laidlaw Wealth Management LLC lifted its stake in ServiceNow by 2.2% in the fourth quarter. Laidlaw Wealth Management LLC now owns 987 shares of the information technology services provider’s stock valued at $1,046,000 after acquiring an additional 21 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Down 1.9 %

NOW opened at $968.19 on Friday. The stock has a market capitalization of $199.45 billion, a price-to-earnings ratio of 141.76, a P/E/G ratio of 4.64 and a beta of 0.99. 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 twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a 50-day simple moving average of $1,058.36 and a 200 day simple moving average of $976.01.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. Analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 384 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the transaction, the chief executive officer now owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 in the company, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,806 shares of company stock worth $16,065,122 over the last three months. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOW. Scotiabank initiated coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective on the stock. 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Jefferies Financial Group cut their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.