Argent Trust Co Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Argent Trust Co decreased its position in ServiceNow, Inc. (NYSE:NOW) by 2.3% during the fourth quarter, Holdings Channel reports. The fund owned 3,351 shares of the information technology services provider’s stock after selling 79 shares during the period. Argent Trust Co’s holdings in ServiceNow were worth $3,552,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. First Foundation Advisors increased its position in ServiceNow by 10.1% in the fourth quarter. First Foundation Advisors now owns 7,905 shares of the information technology services provider’s stock worth $8,380,000 after buying an additional 728 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of ServiceNow by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 97,707 shares of the information technology services provider’s stock valued at $103,581,000 after acquiring an additional 598 shares during the period. Legacy Financial Advisors Inc. raised its stake in ServiceNow by 12.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 980 shares of the information technology services provider’s stock worth $1,039,000 after acquiring an additional 106 shares during the period. Scotia Capital Inc. lifted its holdings in ServiceNow by 4.4% during the fourth quarter. Scotia Capital Inc. now owns 24,752 shares of the information technology services provider’s stock valued at $26,241,000 after purchasing an additional 1,034 shares in the last quarter. Finally, Evexia Wealth LLC purchased a new stake in shares of ServiceNow in the fourth quarter worth $356,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $784.01 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $161.51 billion, a price-to-earnings ratio of 114.79, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm has a 50 day moving average of $880.00 and a 200 day moving average of $973.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NOW has been the topic of several research analyst reports. Stifel Nicolaus lowered their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Citigroup lowered their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. BMO Capital Markets decreased their price target on shares of ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a research note on Friday, April 4th. Finally, Robert W. Baird cut their price objective on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,073.93.

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.