Westover Capital Advisors LLC Sells 438 Shares of ServiceNow, Inc. (NYSE:NOW)

Westover Capital Advisors LLC cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 9.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,393 shares of the information technology services provider’s stock after selling 438 shares during the quarter. ServiceNow makes up about 1.0% of Westover Capital Advisors LLC’s investment portfolio, making the stock its 22nd largest position. Westover Capital Advisors LLC’s holdings in ServiceNow were worth $4,657,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Chicago Partners Investment Group LLC grew its position in ServiceNow by 5.1% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 726 shares of the information technology services provider’s stock worth $659,000 after acquiring an additional 35 shares during the last quarter. Princeton Global Asset Management LLC bought a new position in ServiceNow during the 3rd quarter worth approximately $150,000. Janney Montgomery Scott LLC bought a new position in ServiceNow during the 3rd quarter worth approximately $49,093,000. Confluence Wealth Services Inc. bought a new position in ServiceNow during the 3rd quarter worth approximately $286,000. Finally, Van ECK Associates Corp grew its position in ServiceNow by 0.8% during the 3rd quarter. Van ECK Associates Corp now owns 12,255 shares of the information technology services provider’s stock worth $11,124,000 after acquiring an additional 99 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 2.1 %

Shares of NYSE:NOW opened at $909.80 on Tuesday. The stock has a fifty day simple moving average of $1,034.50 and a two-hundred day simple moving average of $984.50. The stock has a market capitalization of $187.42 billion, a price-to-earnings ratio of 133.21, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. 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 on 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 completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NOW. Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Citigroup cut their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Robert W. Baird cut their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, Canaccord Genuity Group lifted their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

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.