ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer Sells 2,511 Shares

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ServiceNow Stock Performance

NOW stock traded up $16.12 during midday trading on Wednesday, reaching $1,026.25. 1,337,119 shares of the company were exchanged, compared to its average volume of 1,722,088. The business has a 50-day moving average price of $1,081.85 and a two-hundred day moving average price of $961.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $211.41 billion, a price-to-earnings ratio of 150.26, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow, Inc. will post 8.94 EPS for the current year.

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NOW shares. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Sanford C. Bernstein increased their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, UBS Group raised their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its position in shares of ServiceNow by 8.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,134 shares of the information technology services provider’s stock worth $3,347,000 after acquiring an additional 253 shares in the last quarter. Mitchell Capital Management Co. raised its holdings in ServiceNow by 0.7% in the 4th quarter. Mitchell Capital Management Co. now owns 12,324 shares of the information technology services provider’s stock valued at $13,065,000 after buying an additional 88 shares during the last quarter. Duncker Streett & Co. Inc. lifted its holdings in shares of ServiceNow by 4.8% during the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider’s stock worth $6,759,000 after purchasing an additional 290 shares during the period. Onefund LLC grew its position in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the last quarter. Finally, Nixon Peabody Trust Co. bought a new position in ServiceNow during the 4th quarter worth approximately $6,820,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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.