WealthPlan Investment Management LLC Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

WealthPlan Investment Management LLC decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 11.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,840 shares of the information technology services provider’s stock after selling 372 shares during the period. WealthPlan Investment Management LLC’s holdings in ServiceNow were worth $3,011,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in NOW. Nations Financial Group Inc. IA ADV purchased a new stake in ServiceNow during the fourth quarter valued at about $228,000. Spinnaker Trust purchased a new position in shares of ServiceNow during the 4th quarter valued at about $212,000. Center for Financial Planning Inc. lifted its position in ServiceNow by 273.6% in the 4th quarter. Center for Financial Planning Inc. now owns 198 shares of the information technology services provider’s stock worth $210,000 after buying an additional 145 shares during the last quarter. PUREfi Wealth LLC bought a new stake in ServiceNow in the 4th quarter worth approximately $595,000. Finally, ABC Arbitrage SA purchased a new stake in ServiceNow in the fourth quarter worth approximately $1,395,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NOW shares. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Canaccord Genuity Group boosted their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Mizuho upped their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Citigroup decreased their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, The Goldman Sachs Group increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 0.4 %

NYSE:NOW opened at $985.67 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. 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 firm’s 50-day moving average price is $1,073.31 and its 200-day moving average price is $969.70. The company has a market capitalization of $203.05 billion, a PE ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results 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, equities analysts predict 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 allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow 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 completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction that occurred 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 completion of the sale, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,257 shares of company stock valued at $23,579,376. 0.25% of the stock is owned by insiders.

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.