ServiceNow (NYSE:NOW) CEO Sells $5,339,369.75 in Stock

Key Points

• ServiceNow CEO William Mcdermott sold 5,825 shares of the company's stock for approximately $5.34 million, reducing his ownership by 46.83%.
• The company recently reported quarterly earnings, achieving an EPS of $4.09, surpassing analysts' estimates of $3.57, with revenue up by 22.4% year-over-year.
• Despite a recent stock dip of 0.5%, ServiceNow has an average price target of $1,115.20 from equity analysts, indicating a generally positive outlook.

ServiceNow, Inc. (NYSE:NOW - Get Free Report) CEO William Mcdermott sold 5,825 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

ServiceNow Trading Down 0.5%

NOW traded down $4.53 during mid-day trading on Tuesday, reaching $912.93. The stock had a trading volume of 1,247,534 shares, compared to its average volume of 1,853,854. The stock has a market capitalization of $189.89 billion, a P/E ratio of 114.98, a P/E/G ratio of 4.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm's fifty day simple moving average is $943.00 and its two-hundred day simple moving average is $924.15. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

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

Institutional Trading of ServiceNow

Hedge funds have recently added to or reduced their stakes in the business. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the period. Kilter Group LLC acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $25,000. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the 1st quarter valued at about $26,000. Quarry LP acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. Finally, WASHINGTON TRUST Co raised its stake in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. Mizuho increased their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Jefferies Financial Group raised their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Citigroup raised their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Guggenheim restated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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