William R. Mcdermott Sells 1,263 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

ServiceNow Price Performance

Shares of NYSE NOW traded down $13.18 during mid-day trading on Tuesday, reaching $1,008.63. 1,015,134 shares of the company were exchanged, compared to its average volume of 1,646,327. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 stock has a market capitalization of $207.78 billion, a PE ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99. The company’s 50 day moving average price is $1,079.78 and its 200 day moving average price is $968.21.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have commented on NOW shares. Royal Bank of Canada reissued an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Raymond James started coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. Jefferies Financial Group dropped their target price 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. Truist Financial lifted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Institutional Trading of ServiceNow

Hedge funds have recently added to or reduced their stakes in the business. EFG Asset Management North America Corp. raised its stake in shares of ServiceNow by 9.3% during the fourth quarter. EFG Asset Management North America Corp. now owns 5,988 shares of the information technology services provider’s stock valued at $6,346,000 after acquiring an additional 511 shares during the last quarter. Modern Wealth Management LLC grew its holdings in ServiceNow by 6.9% in the fourth quarter. Modern Wealth Management LLC now owns 355 shares of the information technology services provider’s stock worth $363,000 after purchasing an additional 23 shares during the period. Prudential Financial Inc. grew its holdings in ServiceNow by 3.4% in the fourth quarter. Prudential Financial Inc. now owns 292,851 shares of the information technology services provider’s stock worth $310,457,000 after purchasing an additional 9,680 shares during the period. Interchange Capital Partners LLC grew its holdings in shares of ServiceNow by 5.2% during the fourth quarter. Interchange Capital Partners LLC now owns 845 shares of the information technology services provider’s stock valued at $896,000 after buying an additional 42 shares during the last quarter. Finally, Sheets Smith Investment Management purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $1,138,000. 87.18% of the stock is owned by institutional investors.

About ServiceNow

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.