ServiceNow, Inc. (NYSE:NOW) Stake Trimmed by Exchange Capital Management Inc.

Exchange Capital Management Inc. lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 11.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,651 shares of the information technology services provider’s stock after selling 1,543 shares during the quarter. ServiceNow accounts for about 2.0% of Exchange Capital Management Inc.’s investment portfolio, making the stock its 9th largest position. Exchange Capital Management Inc.’s holdings in ServiceNow were worth $12,351,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in NOW. Allworth Financial LP lifted its holdings in ServiceNow by 1.5% during the third quarter. Allworth Financial LP now owns 1,113 shares of the information technology services provider’s stock valued at $996,000 after purchasing an additional 16 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in ServiceNow by 2.2% during the third quarter. NorthCrest Asset Manangement LLC now owns 1,080 shares of the information technology services provider’s stock valued at $966,000 after purchasing an additional 23 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in ServiceNow by 108.7% during the third quarter. GHP Investment Advisors Inc. now owns 192 shares of the information technology services provider’s stock valued at $172,000 after purchasing an additional 100 shares in the last quarter. Modera Wealth Management LLC purchased a new position in shares of ServiceNow in the third quarter worth $244,000. Finally, Capital Advisors Ltd. LLC lifted its holdings in shares of ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after buying an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. Piper Sandler boosted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Oppenheimer boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Truist Financial boosted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, Cantor Fitzgerald started coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the 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 directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,264 shares of company stock valued at $13,358,909 over the last three months. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Down 1.3 %

NYSE:NOW opened at $926.32 on Tuesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a 50-day moving average of $1,050.62 and a 200 day moving average of $980.72. The firm has a market cap of $190.82 billion, a PE ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. 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 released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock buyback plan 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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.