ServiceNow, Inc. (NYSE:NOW) Position Lowered by Norden Group LLC

Norden Group LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 15.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,118 shares of the information technology services provider’s stock after selling 1,103 shares during the quarter. ServiceNow accounts for about 0.7% of Norden Group LLC’s holdings, making the stock its 26th biggest holding. Norden Group LLC’s holdings in ServiceNow were worth $6,485,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Avidian Wealth Enterprises LLC grew 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 purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its position in ServiceNow by 2.2% during the 4th 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. grew its position in ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares in the last quarter. TBH Global Asset Management LLC grew its position 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 worth $320,000 after purchasing an additional 11 shares in the last quarter. Finally, Onefund LLC grew its position in ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after purchasing an additional 11 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NOW shares. TD Cowen lifted their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup lowered their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 0.9 %

ServiceNow stock opened at $929.56 on Friday. The firm has a market cap of $191.49 billion, a price-to-earnings ratio of 136.10, a P/E/G ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a fifty day moving average price of $1,038.07 and a two-hundred day moving average price of $982.80.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting 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, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

ServiceNow 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.