WealthPLAN Partners LLC Lowers Position in ServiceNow, Inc. (NYSE:NOW)

WealthPLAN Partners LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 9.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,931 shares of the information technology services provider’s stock after selling 206 shares during the period. WealthPLAN Partners LLC’s holdings in ServiceNow were worth $2,047,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Polymer Capital Management HK LTD raised its stake in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. boosted its position in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the period. Avidian Wealth Enterprises LLC grew its stake in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $985.67 on Friday. The stock’s 50-day moving average price is $1,073.31 and its 200 day moving average price is $969.70. 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 $203.05 billion, a PE ratio of 144.31, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week 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, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 81 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the completion of the transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. This represents a 1.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the completion of the sale, the director now owns 1,322 shares in the company, valued at approximately $1,335,828.12. This trade represents a 23.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,257 shares of company stock worth $23,579,376. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NOW shares. TD Cowen lifted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group lifted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Guggenheim restated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, Stifel Nicolaus increased their price objective on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.