AMJ Financial Wealth Management Sells 939 Shares of ServiceNow, Inc. (NYSE:NOW)

AMJ Financial Wealth Management trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.5% in the fourth quarter, Holdings Channel reports. The fund owned 10,123 shares of the information technology services provider’s stock after selling 939 shares during the period. ServiceNow accounts for about 3.0% of AMJ Financial Wealth Management’s portfolio, making the stock its 9th biggest position. AMJ Financial Wealth Management’s holdings in ServiceNow were worth $10,732,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Polymer Capital Management HK LTD increased its stake in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. raised its stake in shares of ServiceNow by 3.4% during the 4th 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 in the last quarter. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted 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. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOW has been the subject of several research analyst reports. TD Cowen increased their price objective 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. Cantor Fitzgerald started coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Jefferies Financial Group reduced their price objective 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. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Finally, KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Down 2.1 %

Shares of NOW opened at $909.80 on Tuesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market capitalization of $187.42 billion, a PE ratio of 133.21, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The stock has a fifty day moving average of $1,034.50 and a two-hundred day moving average of $984.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last released 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%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a stock buyback program 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last 90 days. 0.25% of the stock is currently owned by insiders.

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.