Moors & Cabot Inc. Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Moors & Cabot Inc. cut its stake in ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,640 shares of the information technology services provider’s stock after selling 22 shares during the quarter. Moors & Cabot Inc.’s holdings in ServiceNow were worth $10,220,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Noble Wealth Management PBC bought a new position in shares of ServiceNow during the 4th quarter valued at about $34,000. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $37,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last ninety days. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday. Raymond James started coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. Finally, KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Stock Performance

Shares of NOW opened at $810.27 on Wednesday. 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, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market capitalization of $166.92 billion, a P/E ratio of 118.63, a PEG ratio of 4.51 and a beta of 1.03. The business has a fifty day moving average of $1,006.72 and a 200 day moving average of $985.52.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.