Larry Quinlan Sells 415 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the transaction, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

ServiceNow Price Performance

NYSE NOW opened at $1,007.79 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $207.61 billion, a PE ratio of 147.55, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99. The company has a 50 day moving average price of $1,081.18 and a two-hundred day moving average price of $962.06. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.94 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of ServiceNow

Institutional investors and hedge funds have recently modified their holdings of the company. Polymer Capital Management HK LTD lifted its stake in shares of ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow in the fourth quarter worth $48,802,000. Avidian Wealth Enterprises LLC lifted its stake in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. bought a new position in ServiceNow during the fourth quarter worth $105,090,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NOW. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Guggenheim reaffirmed a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.