Pinnacle Wealth Planning Services Inc. Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Pinnacle Wealth Planning Services Inc. decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 803 shares of the information technology services provider's stock after selling 332 shares during the quarter. Pinnacle Wealth Planning Services Inc.'s holdings in ServiceNow were worth $851,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NOW. Quarry LP acquired a new stake in ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $32,000. FPC Investment Advisory Inc. increased 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 acquiring an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow during the 4th quarter valued at approximately $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on NOW. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $1,050.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Wells Fargo & Company raised their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Oppenheimer reaffirmed an "outperform" rating and issued a $1,100.00 target price (up previously from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,062.50.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 191 shares of ServiceNow stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at $4,267,020. The trade was a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Deborah Black sold 598 shares of the business's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director now directly owns 428 shares of the company's stock, valued at approximately $402,418.44. This trade represents a 58.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,674 shares of company stock valued at $2,510,213 in the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE:NOW traded up $23.33 during trading hours on Tuesday, reaching $1,027.70. 1,101,587 shares of the company traded hands, compared to its average volume of 1,526,928. 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 firm's 50-day moving average is $884.98 and its 200-day moving average is $974.97. The stock has a market cap of $212.72 billion, a P/E ratio of 150.47, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.41 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a share repurchase 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 repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.