Western Wealth Management LLC Sells 2,323 Shares of ServiceNow, Inc. (NYSE:NOW)

Western Wealth Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 90.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 235 shares of the information technology services provider's stock after selling 2,323 shares during the period. Western Wealth Management LLC's holdings in ServiceNow were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. raised its stake in shares of 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 purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $34,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 1.0%

Shares of NOW stock opened at $1,005.53 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $208.14 billion, a P/E ratio of 147.22, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The stock has a 50 day simple moving average of $881.74 and a 200 day simple moving average of $975.26. 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 issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the previous year, the company posted $3.41 earnings per share. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 292 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $287,620.00. Following the completion of the sale, the chief financial officer now directly owns 11,198 shares in the company, valued at $11,030,030. This represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the sale, the general counsel now owns 4,332 shares of the company's stock, valued at $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock worth $5,230,568 over the last three months. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on NOW. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Raymond James dropped their price target on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Jefferies Financial Group lowered their target price on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, BMO Capital Markets lifted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

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.

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