Greenwich Wealth Management LLC Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Greenwich Wealth Management LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,083 shares of the information technology services provider’s stock after selling 93 shares during the quarter. Greenwich Wealth Management LLC’s holdings in ServiceNow were worth $1,148,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of NOW. Atala Financial Inc bought a new stake in ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the 4th quarter valued at about $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the 4th quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. Finally, FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Wells Fargo & Company increased their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Mizuho decreased their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Finally, Robert W. Baird reduced their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

ServiceNow Price Performance

NYSE NOW opened at $845.75 on Friday. The business’s fifty day moving average price is $992.95 and its 200-day moving average price is $984.50. The stock has a market capitalization of $174.22 billion, a price-to-earnings ratio of 123.83, a PEG ratio of 4.51 and a beta of 1.03. 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 1-year low of $637.99 and a 1-year high of $1,198.09.

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

ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

ServiceNow 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.