Insider Selling: ServiceNow, Inc. (NYSE:NOW) CEO Sells 384 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at $6,525,636.96. This represents a 5.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

ServiceNow Price Performance

Shares of NOW opened at $986.61 on Thursday. The firm has a market capitalization of $203.24 billion, a price-to-earnings ratio of 144.45, a PEG ratio of 4.59 and a beta of 0.99. The firm’s fifty day simple moving average is $1,061.97 and its 200-day simple moving average is $976.06. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

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, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts forecast 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 outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase 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 stock is undervalued.

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. Robert W. Baird cut 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. Sanford C. Bernstein lifted their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Citigroup lowered their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Finally, StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Hedge Funds Weigh In On ServiceNow

Several hedge funds have recently added to or reduced their stakes in NOW. Quarry LP purchased a new position in shares of ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc acquired a new position in ServiceNow in the fourth quarter valued at $28,000. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the third quarter worth about $30,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow during the fourth quarter worth about $32,000. Finally, FPC Investment Advisory Inc. lifted its holdings in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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.