ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer Sells 1,023 Shares

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 1,023 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,280,016. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ServiceNow Price Performance

ServiceNow stock traded down $10.88 during mid-day trading on Wednesday, hitting $986.61. 1,736,991 shares of the company were exchanged, compared to its average volume of 1,642,553. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market capitalization of $203.24 billion, a P/E ratio of 144.45, a PEG ratio of 4.59 and a beta of 0.99. The business’s 50 day simple moving average is $1,065.18 and its two-hundred day simple moving average is $975.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow announced that its board has initiated a stock repurchase 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Needham & Company LLC upped their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Jefferies Financial Group reduced their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Mizuho boosted their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target 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. Quarry LP acquired a new stake in ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth approximately $34,000. Finally, Truvestments Capital LLC acquired a new position in ServiceNow during the third quarter worth approximately $30,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.