Colonial Trust Advisors Sells 14 Shares of ServiceNow, Inc. (NYSE:NOW)

Colonial Trust Advisors cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 500 shares of the information technology services provider’s stock after selling 14 shares during the period. Colonial Trust Advisors’ holdings in ServiceNow were worth $530,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of NOW. Norges Bank purchased a new position in shares of ServiceNow in the fourth quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its holdings in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow during the fourth quarter valued at about $682,468,000. Raymond James Financial Inc. purchased a new stake in shares of ServiceNow in the fourth quarter worth about $393,868,000. Finally, Jennison Associates LLC boosted its position in shares of ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after acquiring an additional 348,187 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NOW stock opened at $784.01 on Friday. The stock has a market capitalization of $161.51 billion, a price-to-earnings ratio of 114.79, a PEG ratio of 4.51 and a beta of 1.08. The firm’s 50-day moving average price is $880.00 and its two-hundred day moving average price is $973.99. 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, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has approved a share buyback 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last quarter. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NOW has been the topic of several recent analyst reports. The Goldman Sachs Group lowered their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a research note on Thursday. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Stifel Nicolaus dropped their price target on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Finally, Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. 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. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target 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.