ServiceNow (NYSE:NOW) Shares Down 2.4% After Insider Selling

ServiceNow, Inc. (NYSE:NOWGet Free Report) shares dropped 2.4% on Thursday after an insider sold shares in the company. The company traded as low as $958.87 and last traded at $963.60. Approximately 412,154 shares traded hands during trading, a decline of 74% from the average daily volume of 1,605,637 shares. The stock had previously closed at $987.14.

Specifically, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at $6,525,636.96. The trade was a 5.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the sale, the insider now directly owns 6,244 shares in the company, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. In other ServiceNow news, insider Paul John Smith sold 1,184 shares of ServiceNow stock in a transaction on Friday, February 14th. The shares were sold at an average price of $980.08, for a total transaction of $1,160,414.72. Following the sale, the insider now owns 4,204 shares of the company’s stock, valued at $4,120,256.32. The trade was a 21.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

NOW has been the topic of several recent research reports. Mizuho lifted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Barclays boosted their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Robert W. Baird lowered their price target on shares of 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, Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Read Our Latest Report on ServiceNow

ServiceNow Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $199.45 billion, a PE ratio of 141.76, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. The stock’s 50 day simple moving average is $1,058.36 and its 200-day simple moving average is $976.01.

ServiceNow (NYSE:NOWGet Free Report) 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 net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of ServiceNow

Large investors have recently made changes to their positions in the company. Avidian Wealth Enterprises LLC increased its stake in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares during the last quarter. Catalyst Financial Partners LLC increased its stake in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after purchasing an additional 11 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. Finally, TBH Global Asset Management LLC boosted its holdings in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

(Get Free Report)

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.

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