ServiceNow, Inc. (NYSE:NOW) Shares Sold by TrueMark Investments LLC

TrueMark Investments LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 7.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,203 shares of the information technology services provider’s stock after selling 98 shares during the quarter. TrueMark Investments LLC’s holdings in ServiceNow were worth $1,275,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Piper Sandler upped their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. UBS Group decreased their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. Finally, Truist Financial raised their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

ServiceNow Price Performance

Shares of NOW opened at $860.50 on Wednesday. The firm has a market capitalization of $177.26 billion, a price-to-earnings ratio of 125.99, a PEG ratio of 4.51 and a beta of 1.03. The firm’s fifty day simple moving average is $964.71 and its 200-day simple moving average is $985.75. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve 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 posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share repurchase plan 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 336 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,408,026.60. This trade represents a 7.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

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.