ServiceNow, Inc. (NYSE:NOW) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,415 shares of the information technology services provider’s stock after selling 90 shares during the quarter. Amalgamated Bank’s holdings in ServiceNow were worth $47,085,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC increased its position in shares of ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares in the last quarter. Catalyst Financial Partners LLC increased its position in shares of ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after buying an additional 11 shares in the last quarter. Institute for Wealth Management LLC. increased its position 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 buying an additional 11 shares in the last quarter. Finally, TBH Global Asset Management LLC increased its position in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,023 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,280,016. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the sale, the insider now owns 6,244 shares in the company, valued at $6,119,432.20. This represents a 27.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,264 shares of company stock valued at $13,358,909. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $926.32 on Tuesday. The stock’s 50 day moving average price is $1,050.62 and its 200 day moving average price is $980.72. The firm has a market capitalization of $190.82 billion, a PE ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. 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.

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

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Scotiabank initiated coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Guggenheim reiterated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Oppenheimer lifted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.