Nicholas Tzitzon Sells 2,945 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

ServiceNow Stock Up 0.9 %

Shares of 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 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a 50-day simple moving average of $1,038.07 and a 200-day simple moving average of $982.80.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results 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, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

NOW has been the topic of several research reports. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Cantor Fitzgerald began coverage on shares of ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Guggenheim restated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Redburn Atlantic initiated coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its stake in shares of ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares in the last quarter. Catalyst Financial Partners LLC raised its stake in shares of ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares in the last quarter. Institute for Wealth Management LLC. raised its stake in shares of ServiceNow by 0.4% in the 4th 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 acquiring an additional 11 shares in the last quarter. Finally, TBH Global Asset Management LLC increased its position in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

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.