Vestmark Advisory Solutions Inc. Sells 665 Shares of ServiceNow, Inc. (NYSE:NOW)

Vestmark Advisory Solutions Inc. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.1% during the fourth quarter, Holdings Channel reports. The fund owned 7,570 shares of the information technology services provider’s stock after selling 665 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in ServiceNow were worth $8,025,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in shares of ServiceNow by 0.8% during the third quarter. Van ECK Associates Corp now owns 12,255 shares of the information technology services provider’s stock worth $11,124,000 after acquiring an additional 99 shares during the last quarter. Catalyst Capital Advisors LLC bought a new stake in ServiceNow during the 3rd quarter worth about $66,000. NorthRock Partners LLC lifted its position in ServiceNow by 8.4% during the 3rd quarter. NorthRock Partners LLC now owns 673 shares of the information technology services provider’s stock valued at $602,000 after purchasing an additional 52 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after purchasing an additional 138 shares during the last quarter. Finally, Catalina Capital Group LLC grew its position in shares of ServiceNow by 25.5% during the 3rd quarter. Catalina Capital Group LLC now owns 713 shares of the information technology services provider’s stock worth $638,000 after buying an additional 145 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NOW. Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Truist Financial increased their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. 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 research note on Friday, January 10th. Finally, KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 1.1 %

NYSE NOW opened at $916.34 on Thursday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s 50 day moving average price is $1,026.73 and its two-hundred day moving average price is $984.57. The stock has a market capitalization of $188.77 billion, a price-to-earnings ratio of 134.16, a PEG ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced 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 net margin of 12.97% and a return on equity of 17.11%. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share repurchase 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.