ServiceNow, Inc. (NYSE:NOW) CEO Sells $378,869.76 in Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the transaction, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,525,636.96. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

ServiceNow Trading Down 1.9 %

Shares of ServiceNow stock opened at $968.19 on Friday. The stock has a market capitalization of $199.45 billion, a P/E ratio of 141.76, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50-day simple moving average of $1,058.36 and a 200 day simple moving average of $976.01. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On ServiceNow

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its position in shares of ServiceNow by 30.9% during the 4th quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock worth $184,351,000 after buying an additional 41,058 shares during the period. Forum Financial Management LP grew its position in shares of ServiceNow by 52.7% during the 4th quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock worth $855,000 after buying an additional 278 shares during the period. Michels Family Financial LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $682,000. Castlekeep Investment Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $17,982,000. Finally, Formidable Asset Management LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $233,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on NOW. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective for the company. Robert W. Baird reduced their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Finally, Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.