Cedar Wealth Management LLC Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

Cedar Wealth Management LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 5.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 249 shares of the information technology services provider’s stock after selling 14 shares during the quarter. Cedar Wealth Management LLC’s holdings in ServiceNow were worth $264,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. United Bank acquired a new position in ServiceNow during the 3rd quarter valued at about $480,000. Intech Investment Management LLC increased its holdings in shares of ServiceNow by 17.1% in the third quarter. Intech Investment Management LLC now owns 7,483 shares of the information technology services provider’s stock valued at $6,693,000 after purchasing an additional 1,095 shares during the period. Raymond James Trust N.A. increased its holdings in shares of ServiceNow by 5.4% in the third quarter. Raymond James Trust N.A. now owns 3,990 shares of the information technology services provider’s stock valued at $3,569,000 after purchasing an additional 204 shares during the period. Allen Capital Group LLC increased its holdings in shares of ServiceNow by 20.9% in the third quarter. Allen Capital Group LLC now owns 543 shares of the information technology services provider’s stock valued at $486,000 after purchasing an additional 94 shares during the period. Finally, GM Advisory Group LLC acquired a new position in shares of ServiceNow in the third quarter valued at about $241,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NYSE:NOW opened at $827.92 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 debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $170.55 billion, a PE ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. The stock has a 50 day moving average price of $971.31 and a 200 day moving average price of $984.34.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % 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 over the last quarter. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

NOW has been the topic of a number of research reports. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Raymond James initiated coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Truist Financial upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, Robert W. Baird lowered their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,100.31.

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.