TCI Wealth Advisors Inc. Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

TCI Wealth Advisors Inc. reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 10.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,051 shares of the information technology services provider’s stock after selling 129 shares during the period. TCI Wealth Advisors Inc.’s holdings in ServiceNow were worth $1,114,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Alta Wealth Advisors LLC lifted its holdings in shares of ServiceNow by 3.3% in the 4th quarter. Alta Wealth Advisors LLC now owns 3,246 shares of the information technology services provider’s stock valued at $3,441,000 after acquiring an additional 103 shares during the last quarter. Institute for Wealth Management LLC. lifted its stake in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. Evernest Financial Advisors LLC purchased a new position in shares of ServiceNow in the 4th quarter worth approximately $216,000. Quantum Financial Planning Services Inc. bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $265,000. Finally, Sonora Investment Management Group LLC raised its holdings in ServiceNow by 15.9% during the 4th quarter. Sonora Investment Management Group LLC now owns 437 shares of the information technology services provider’s stock valued at $463,000 after buying an additional 60 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now directly owns 42,920 shares in the company, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock valued at $21,016,751 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NOW has been the topic of a number of analyst reports. Raymond James began coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday. Guggenheim reissued a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. Jefferies Financial Group reduced their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler raised their price target 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,011.67 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market capitalization of $208.40 billion, a PE ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a 50-day simple moving average of $1,084.47 and a two-hundred day simple moving average of $952.71.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. Research analysts expect that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

ServiceNow 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.