ServiceNow, Inc. (NYSE:NOW) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 17.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,606 shares of the information technology services provider’s stock after selling 11,054 shares during the quarter. ServiceNow accounts for 0.6% of Townsquare Capital LLC’s portfolio, making the stock its 29th largest position. Townsquare Capital LLC’s holdings in ServiceNow were worth $53,648,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in shares of ServiceNow in the 3rd quarter worth about $551,000. Virtu Financial LLC bought a new position in ServiceNow in the third quarter worth about $9,833,000. Anchor Investment Management LLC lifted its holdings in shares of ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock worth $1,220,000 after purchasing an additional 78 shares during the last quarter. Stock Yards Bank & Trust Co. acquired a new position in shares of ServiceNow during the third quarter valued at $202,000. Finally, Sanctuary Advisors LLC increased its holdings in shares of ServiceNow by 8.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 27,542 shares of the information technology services provider’s stock worth $24,633,000 after acquiring an additional 2,082 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $785.78 on Friday. The business’s 50-day simple moving average is $875.51 and its 200-day simple moving average is $973.27. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $162.66 billion, a price-to-earnings ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08.

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

ServiceNow declared that its board has initiated a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Truist Financial decreased their price target on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Robert W. Baird lowered their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, UBS Group reduced their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,073.93.

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.