Insider Selling: ServiceNow, Inc. (NYSE:NOW) CEO Sells 1,263 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction 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 represents a 32.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

ServiceNow Trading Down 1.3 %

NOW opened at $1,008.63 on Wednesday. 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 company has a market cap of $207.78 billion, a price-to-earnings ratio of 147.68, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The firm has a 50 day simple moving average of $1,079.78 and a 200 day simple moving average of $968.21. 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 posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock buyback plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on NOW shares. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Robert W. Baird dropped their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Mizuho lifted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Piper Sandler lifted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Institutional Investors Weigh In On ServiceNow

Several large investors have recently bought and sold shares of NOW. McGlone Suttner Wealth Management Inc. bought a new stake in ServiceNow in the third quarter valued at approximately $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in ServiceNow by 1,929.2% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock valued at $3,049,000 after purchasing an additional 3,241 shares in the last quarter. Thomasville National Bank boosted its holdings in shares of ServiceNow by 9.3% in the third quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock valued at $13,689,000 after buying an additional 1,307 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of ServiceNow by 14.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after buying an additional 94 shares during the period. Finally, Paladin Wealth LLC acquired a new position in shares of ServiceNow in the third quarter valued at approximately $611,000. 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.