Insider Selling: ServiceNow, Inc. (NYSE:NOW) General Counsel Sells 62 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

ServiceNow Trading Up 0.8%

Shares of NYSE NOW opened at $1,035.34 on Friday. The business’s 50 day moving average is $858.93 and its two-hundred day moving average is $972.52. 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, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market capitalization of $214.32 billion, a P/E ratio of 151.59, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.41 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $34,000. Finally, Bogart Wealth LLC grew its stake in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NOW. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Piper Sandler lowered their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. lowered their price objective on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Company 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.