ServiceNow, Inc. (NYSE:NOW) Stock Position Lowered by Middleton & Co. Inc. MA

Middleton & Co. Inc. MA trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.7% in the fourth quarter, Holdings Channel reports. The firm owned 20,610 shares of the information technology services provider’s stock after selling 792 shares during the period. ServiceNow makes up 2.4% of Middleton & Co. Inc. MA’s portfolio, making the stock its 9th biggest position. Middleton & Co. Inc. MA’s holdings in ServiceNow were worth $21,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after acquiring an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its position in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in shares of ServiceNow by 0.4% in the fourth 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 purchasing an additional 11 shares during the period. TBH Global Asset Management LLC grew its holdings in ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after purchasing an additional 11 shares in the last quarter. Finally, BluePointe Capital Management LLC increased its stake in ServiceNow by 0.6% during the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after buying an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.9 %

NYSE:NOW opened at $929.56 on Friday. The stock has a fifty day simple moving average of $1,038.07 and a 200 day simple moving average of $981.66. 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 firm has a market capitalization of $191.49 billion, a price-to-earnings ratio of 136.10, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

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

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on NOW shares. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price for the company. Finally, Scotiabank started coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

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.