Hartford Investment Management Co. Sells 230 Shares of ServiceNow, Inc. (NYSE:NOW)

Hartford Investment Management Co. lessened its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,734 shares of the information technology services provider’s stock after selling 230 shares during the quarter. Hartford Investment Management Co.’s holdings in ServiceNow were worth $13,500,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Truvestments Capital LLC bought a new position in ServiceNow in the third quarter worth approximately $30,000. DT Investment Partners LLC increased its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares in the last quarter. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at about $37,000. Finally, Oakworth Capital Inc. grew its stake in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $95,554.76. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,077,066.58. The trade was a 3.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the sale, the general counsel now directly owns 6,843 shares in the company, valued at approximately $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,809 shares of company stock worth $25,174,184. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NOW. Barclays increased their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday. The Goldman Sachs Group raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Sanford C. Bernstein upped their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One 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 issued a strong buy rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Trading Down 1.3 %

NYSE NOW opened at $1,008.63 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company’s 50-day moving average price is $1,079.78 and its 200-day moving average price is $968.21. The stock has a market cap of $207.78 billion, a PE ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99. 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 (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

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.