Manchester Financial Inc. Sells 113 Shares of ServiceNow, Inc. (NYSE:NOW)

Manchester Financial Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 35.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 210 shares of the information technology services provider’s stock after selling 113 shares during the period. Manchester Financial Inc.’s holdings in ServiceNow were worth $223,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. CX Institutional increased its position in ServiceNow by 1.2% in the third 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 during the last quarter. Wesbanco Bank Inc. increased its holdings in shares of ServiceNow by 40.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock worth $327,000 after buying an additional 106 shares during the last quarter. Creative Planning raised its position in shares of ServiceNow by 8.1% during the 3rd quarter. Creative Planning now owns 55,887 shares of the information technology services provider’s stock valued at $49,985,000 after buying an additional 4,170 shares in the last quarter. ERn Financial LLC bought a new position in shares of ServiceNow in the 3rd quarter valued at about $224,000. Finally, Kowal Investment Group LLC grew its position in ServiceNow by 196.9% in the third quarter. Kowal Investment Group LLC now owns 775 shares of the information technology services provider’s stock worth $693,000 after acquiring an additional 514 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Robert W. Baird decreased their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Jefferies Financial Group lowered their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Guggenheim reaffirmed a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Up 0.7 %

NYSE:NOW opened at $989.70 on Friday. The firm has a 50-day simple moving average of $1,075.99 and a 200-day simple moving average of $969.56. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market cap of $203.88 billion, a P/E ratio of 144.90, a P/E/G ratio of 4.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the transaction, the general counsel now directly owns 6,843 shares in the company, valued at $6,956,183.22. The trade was a 1.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, 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. Over the last ninety days, insiders sold 23,257 shares of company stock valued at $23,579,376. 0.25% of the stock is currently owned by 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.