Valley National Advisers Inc. Sells 54 Shares of ServiceNow, Inc. (NYSE:NOW)

Valley National Advisers Inc. lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 7.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 717 shares of the information technology services provider’s stock after selling 54 shares during the period. Valley National Advisers Inc.’s holdings in ServiceNow were worth $760,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the third quarter valued at approximately $30,000. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter worth $37,000. Oakworth Capital Inc. raised its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC lifted its holdings in shares of ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday. UBS Group upped their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Jefferies Financial Group dropped their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,129.93.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock valued at $21,016,751 in the last quarter. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NOW opened at $1,020.17 on Monday. 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 stock has a market capitalization of $210.16 billion, a price-to-earnings ratio of 149.37, a PEG ratio of 4.74 and a beta of 0.99. The company has a fifty day moving average of $1,083.66 and a 200 day moving average of $955.82. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting 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, sell-side analysts forecast that ServiceNow, Inc. will post 8.94 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.