Insider Selling: ServiceNow (NYSE:NOW) Insider Sells 280 Shares of Stock

Key Points

• Kevin Thomas Mcbride, an insider at ServiceNow, sold 280 shares of the company's stock on August 15th for approximately $238,495.60, reducing their ownership position by 5.67% to 4,654 shares valued at around $3.96 million.
• Following the sale, the company's stock saw some volatility, trading down to $887.40 amidst a typical trading volume of over 2 million shares.
• ServiceNow reported better-than-expected quarterly earnings with $4.09 per share and revenue of $3.22 billion, leading analysts to adjust their price targets significantly upward, some reaching as high as $1,210.00.

ServiceNow, Inc. (NYSE:NOW - Get Free Report) insider Kevin Thomas Mcbride sold 280 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $851.77, for a total transaction of $238,495.60. Following the completion of the transaction, the insider directly owned 4,654 shares of the company's stock, valued at approximately $3,964,137.58. The trade was a 5.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ServiceNow Price Performance

Shares of NYSE NOW traded down $4.6480 during midday trading on Tuesday, reaching $887.4020. 2,183,699 shares of the company were exchanged, compared to its average volume of 1,718,484. The stock's 50-day moving average price is $964.30 and its 200-day moving average price is $932.15. The stock has a market cap of $184.58 billion, a P/E ratio of 111.76, a PEG ratio of 3.91 and a beta of 0.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the business posted $3.13 EPS. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Raymond James Financial boosted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Evercore ISI lifted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Institutional Investors Weigh In On ServiceNow

Large investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. bought a new position in shares of ServiceNow during the 2nd quarter worth approximately $2,633,000. Newbridge Financial Services Group Inc. increased its stake in shares of ServiceNow by 97.3% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,819 shares of the information technology services provider's stock valued at $3,926,000 after acquiring an additional 1,883 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of ServiceNow by 5.0% during the 2nd quarter. Advisory Services Network LLC now owns 14,372 shares of the information technology services provider's stock valued at $13,554,000 after acquiring an additional 682 shares during the period. Asset Dedication LLC boosted its stake in ServiceNow by 2.1% during the second quarter. Asset Dedication LLC now owns 2,893 shares of the information technology services provider's stock worth $2,974,000 after acquiring an additional 59 shares in the last quarter. Finally, Liontrust Investment Partners LLP boosted its stake in ServiceNow by 11.4% during the second quarter. Liontrust Investment Partners LLP now owns 109,352 shares of the information technology services provider's stock worth $112,423,000 after acquiring an additional 11,182 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

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.

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