ServiceNow (NYSE:NOW) Trading Down 1.7% on Insider Selling

ServiceNow, Inc. (NYSE:NOW) shares fell 1.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $980.00 and last traded at $992.11. 464,314 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,601,245 shares. The stock had previously closed at $1,009.05.

Specifically, General Counsel Russell S. Elmer sold 336 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the sale, the general counsel now owns 4,332 shares in the company, valued at $4,408,026.60. This represents a 7.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the 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 in the company, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent research reports. TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Oppenheimer raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Canaccord Genuity Group increased their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Down 1.7 %

The stock has a fifty day moving average price of $1,078.82 and a 200 day moving average price of $969.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $204.24 billion, a P/E ratio of 145.13, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock worth $652,000 after purchasing an additional 94 shares in the last quarter. Procyon Advisors LLC boosted its position in shares of ServiceNow by 83.7% in the 3rd quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock worth $1,788,000 after purchasing an additional 912 shares in the last quarter. Fiduciary Alliance LLC boosted its position in shares of ServiceNow by 31.4% in the 3rd quarter. Fiduciary Alliance LLC now owns 427 shares of the information technology services provider’s stock worth $382,000 after purchasing an additional 102 shares in the last quarter. CX Institutional boosted its position in shares of ServiceNow by 1.2% in the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after purchasing an additional 13 shares in the last quarter. Finally, Wesbanco Bank Inc. lifted its position in ServiceNow by 40.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock valued at $327,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.