Vivid Wealth Management LLC Sells 46 Shares of ServiceNow, Inc. (NYSE:NOW)

Vivid Wealth Management LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 6.7% in the fourth quarter, HoldingsChannel reports. The firm owned 642 shares of the information technology services provider’s stock after selling 46 shares during the period. Vivid Wealth Management LLC’s holdings in ServiceNow were worth $681,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter valued at about $30,000. Heck Capital Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at about $37,000. Stonebridge Financial Group LLC acquired a new position in ServiceNow in the fourth quarter valued at about $37,000. DT Investment Partners LLC grew its stake in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Finally, Avion Wealth grew its stake in ServiceNow by 44.8% in the fourth quarter. Avion Wealth now owns 42 shares of the information technology services provider’s stock valued at $44,000 after acquiring an additional 13 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NOW. Raymond James began coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Robert W. Baird reduced their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group upped their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, Barclays upped their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,257 shares of company stock worth $23,579,376. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $985.67 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’s 50 day moving average price is $1,073.31 and its two-hundred day moving average price is $969.70. The firm has a market capitalization of $203.05 billion, a price-to-earnings ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

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.