Oxford Financial Group LTD. LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Oxford Financial Group LTD. LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 8.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 315 shares of the information technology services provider’s stock after selling 29 shares during the period. Oxford Financial Group LTD. LLC’s holdings in ServiceNow were worth $334,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. United Bank purchased a new stake in shares of ServiceNow during the third quarter valued at approximately $480,000. Avior Wealth Management LLC boosted its position in ServiceNow by 5.5% during the 3rd quarter. Avior Wealth Management LLC now owns 594 shares of the information technology services provider’s stock valued at $531,000 after buying an additional 31 shares during the period. First Horizon Advisors Inc. grew its holdings in ServiceNow by 38.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 719 shares of the information technology services provider’s stock worth $643,000 after acquiring an additional 199 shares during the last quarter. Moran Wealth Management LLC increased its position in shares of ServiceNow by 36.8% in the third quarter. Moran Wealth Management LLC now owns 1,174 shares of the information technology services provider’s stock valued at $1,050,000 after acquiring an additional 316 shares during the period. Finally, Citizens Financial Group Inc. RI raised its stake in shares of ServiceNow by 25.1% during the third quarter. Citizens Financial Group Inc. RI now owns 3,779 shares of the information technology services provider’s stock valued at $3,380,000 after acquiring an additional 758 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NOW. Truist Financial boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. The Goldman Sachs Group upped 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. Robert W. Baird cut their price target 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. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 0.5 %

ServiceNow stock opened at $827.92 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business’s fifty day moving average is $971.31 and its 200 day moving average is $983.30. The stock has a market capitalization of $170.55 billion, a PE ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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 predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback program 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 programs are usually a sign that the company’s management believes its shares are 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.