Blue Barn Wealth LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

Blue Barn Wealth LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 478 shares of the information technology services provider’s stock after selling 141 shares during the period. Blue Barn Wealth LLC’s holdings in ServiceNow were worth $507,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC increased its holdings in shares of ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% during the 4th 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 during the period. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% during 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 buying an additional 11 shares during the period. TBH Global Asset Management LLC raised its position in shares of ServiceNow by 3.8% during 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 in the last quarter. Finally, Onefund LLC raised its position in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’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 transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group cut their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Piper Sandler boosted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research note 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, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Up 1.1 %

Shares of NOW opened at $916.34 on Thursday. The stock has a 50 day simple moving average of $1,026.73 and a 200-day simple moving average of $984.57. 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 stock has a market cap of $188.77 billion, a PE ratio of 134.16, a PEG ratio of 4.51 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.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

ServiceNow Company 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.