ServiceNow, Inc. (NYSE:NOW) Shares Sold by Global Retirement Partners LLC

Global Retirement Partners LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 10.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,730 shares of the information technology services provider’s stock after selling 1,458 shares during the quarter. Global Retirement Partners LLC’s holdings in ServiceNow were worth $13,495,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of Jackson Hole Trust bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $40,000. Klingman & Associates LLC boosted its position in ServiceNow by 4.2% during the 4th quarter. Klingman & Associates LLC now owns 397 shares of the information technology services provider’s stock valued at $421,000 after purchasing an additional 16 shares during the period. New York State Common Retirement Fund grew its stake in ServiceNow by 1.7% during the 4th quarter. New York State Common Retirement Fund now owns 258,835 shares of the information technology services provider’s stock worth $274,396,000 after buying an additional 4,300 shares during the last quarter. Proactive Wealth Strategies LLC increased its position in ServiceNow by 10.6% in the fourth quarter. Proactive Wealth Strategies LLC now owns 468 shares of the information technology services provider’s stock worth $496,000 after buying an additional 45 shares during the period. Finally, Valley Wealth Managers Inc. lifted its stake in ServiceNow by 5.6% in the fourth quarter. Valley Wealth Managers Inc. now owns 624 shares of the information technology services provider’s stock valued at $662,000 after buying an additional 33 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NOW. Truist Financial increased their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target on the stock. TD Cowen boosted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Canaccord Genuity Group increased their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insiders Place Their Bets

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $1,010.46, for a total value of $419,340.90. Following the completion of the transaction, the director now owns 1,322 shares in the company, valued at $1,335,828.12. The trade was a 23.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,811 shares of company stock valued at $11,159,073 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Up 0.9 %

NOW stock opened at $995.97 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $205.17 billion, a PE ratio of 145.82, a PEG ratio of 4.59 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. The company has a fifty day simple moving average of $1,065.18 and a 200 day simple moving average of $975.99.

ServiceNow (NYSE:NOW) last announced its quarterly 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 return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign 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.