ServiceNow, Inc. (NYSE:NOW) Insider Sells $253,145.00 in Stock

ServiceNow, Inc. (NYSE:NOW - Get Free Report) insider Jacqueline P. Canney sold 257 shares of the company's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $253,145.00. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,981,595. This trade represents a 7.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

ServiceNow Stock Up 0.7 %

NOW stock traded up $6.64 during midday trading on Friday, hitting $981.13. The company's stock had a trading volume of 919,297 shares, compared to its average volume of 1,516,226. The company has a market cap of $203.09 billion, a PE ratio of 143.65, a P/E/G ratio of 4.51 and a beta of 0.97. The firm's 50-day moving average is $844.85 and its 200-day moving average is $970.48. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during 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%. ServiceNow's revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.41 earnings per share. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NOW. Citigroup lifted their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research note on Wednesday. StockNews.com lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the company an "outperform" rating in a report on Wednesday. UBS Group reissued a "buy" rating and set a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Finally, Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and raised their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,055.83.

Institutional Investors Weigh In On ServiceNow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Avidian Wealth Enterprises LLC lifted 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 worth $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after acquiring an additional 10 shares during the last quarter. Institute for Wealth Management LLC. boosted its holdings in ServiceNow by 0.4% during the 4th 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 acquiring an additional 11 shares during the period. TBH Global Asset Management LLC increased its stake in 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 worth $320,000 after purchasing an additional 11 shares during the period. Finally, Onefund LLC boosted its stake in shares of ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after purchasing an additional 11 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

About ServiceNow

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.