Scientech Research LLC Sells 95 Shares of ServiceNow, Inc. (NYSE:NOW)

Scientech Research LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 6.4% in the fourth quarter, HoldingsChannel reports. The firm owned 1,396 shares of the information technology services provider’s stock after selling 95 shares during the quarter. Scientech Research LLC’s holdings in ServiceNow were worth $1,480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the company. AdvisorNet Financial Inc grew its stake in shares of ServiceNow by 34.4% during the 4th quarter. AdvisorNet Financial Inc now owns 129 shares of the information technology services provider’s stock valued at $137,000 after acquiring an additional 33 shares during the period. Oak Thistle LLC bought a new position in ServiceNow in the 4th quarter worth approximately $217,000. Kathmere Capital Management LLC boosted its stake in ServiceNow by 22.5% in the 4th quarter. Kathmere Capital Management LLC now owns 316 shares of the information technology services provider’s stock worth $335,000 after purchasing an additional 58 shares during the period. Redhawk Wealth Advisors Inc. boosted its stake in ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares during the period. Finally, Carnegie Investment Counsel bought a new position in ServiceNow in the 4th quarter worth approximately $257,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

NOW opened at $1,040.22 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $863.52 and its 200-day simple moving average is $973.12. The company has a market capitalization of $215.33 billion, a price-to-earnings ratio of 152.30, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the company earned $3.41 EPS. The business’s revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their price target on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and upped their price objective for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Robert W. Baird upped their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Finally, William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,872 shares of company stock valued at $13,261,400 over the last quarter. 0.38% of the stock is owned by corporate insiders.

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.