AMJ Financial Wealth Management Sells 939 Shares of ServiceNow, Inc. (NYSE:NOW)

AMJ Financial Wealth Management cut its stake in ServiceNow, Inc. (NYSE:NOW) by 8.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,123 shares of the information technology services provider’s stock after selling 939 shares during the quarter. ServiceNow comprises approximately 3.0% of AMJ Financial Wealth Management’s investment portfolio, making the stock its 9th biggest position. AMJ Financial Wealth Management’s holdings in ServiceNow were worth $10,732,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NOW. Commerzbank Aktiengesellschaft FI raised its position in shares of ServiceNow by 39.6% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 1,502 shares of the information technology services provider’s stock valued at $1,604,000 after buying an additional 426 shares during the period. Charles Schwab Investment Management Inc. increased its stake in ServiceNow by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,292,922 shares of the information technology services provider’s stock worth $1,370,652,000 after acquiring an additional 56,585 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in ServiceNow by 2.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 25,477 shares of the information technology services provider’s stock valued at $27,009,000 after purchasing an additional 617 shares during the period. Meridian Wealth Management LLC raised its position in ServiceNow by 39.4% in the fourth quarter. Meridian Wealth Management LLC now owns 4,392 shares of the information technology services provider’s stock valued at $4,656,000 after purchasing an additional 1,241 shares during the period. Finally, Fidelis Capital Partners LLC lifted its stake in shares of ServiceNow by 38.1% in the 4th quarter. Fidelis Capital Partners LLC now owns 1,763 shares of the information technology services provider’s stock valued at $1,800,000 after purchasing an additional 486 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NOW shares. 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 objective on the stock. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, The Goldman Sachs Group raised their price target 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 2.1 %

NOW opened at $909.80 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market cap of $187.42 billion, a P/E ratio of 133.21, a PEG ratio of 4.51 and a beta of 0.99. The business’s 50-day simple moving average is $1,034.50 and its 200-day simple moving average is $984.50.

ServiceNow (NYSE:NOW) last announced 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%. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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