NewEdge Wealth LLC Trims Stake in ServiceNow, Inc. (NYSE:NOW)

NewEdge Wealth LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,614 shares of the information technology services provider’s stock after selling 128 shares during the quarter. NewEdge Wealth LLC’s holdings in ServiceNow were worth $14,432,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Modera Wealth Management LLC acquired a new position in shares of ServiceNow in the 3rd quarter worth approximately $244,000. Pallas Capital Advisors LLC lifted its stake in ServiceNow by 8.0% during the third quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock worth $2,305,000 after purchasing an additional 179 shares in the last quarter. Strategic Blueprint LLC purchased a new position in shares of ServiceNow during the third quarter worth $241,000. Valmark Advisers Inc. grew its stake in shares of ServiceNow by 6.0% in the third quarter. Valmark Advisers Inc. now owns 2,332 shares of the information technology services provider’s stock valued at $2,086,000 after buying an additional 133 shares in the last quarter. Finally, Fidelis Capital Partners LLC grew its stake in shares of ServiceNow by 6.9% in the third quarter. Fidelis Capital Partners LLC now owns 1,277 shares of the information technology services provider’s stock valued at $1,159,000 after buying an additional 82 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,706 shares of company stock worth $17,644,106 in the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 2.1 %

Shares of NYSE NOW opened at $941.79 on Thursday. The business has a 50-day moving average price of $1,044.39 and a 200 day moving average price of $981.23. The stock has a market cap of $194.01 billion, a PE ratio of 137.89, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NOW shares. Scotiabank assumed coverage on ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. TD Cowen raised their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Citigroup decreased their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. One investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.