ServiceNow, Inc. (NYSE:NOW) Director Jeffrey A. Miller Sells 2,282 Shares

ServiceNow, Inc. (NYSE:NOW) Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now owns 40,638 shares in the company, valued at $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

ServiceNow Stock Down 1.3 %

NOW stock traded down $13.18 during midday trading on Tuesday, hitting $1,008.63. The stock had a trading volume of 1,015,134 shares, compared to its average volume of 1,646,327. The firm has a market cap of $207.78 billion, a price-to-earnings ratio of 147.68, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The business has a 50-day moving average of $1,079.78 and a two-hundred day moving average of $968.21. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. 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 (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On ServiceNow

Institutional investors have recently modified their holdings of the stock. Atala Financial Inc purchased a new stake in shares of ServiceNow in the fourth quarter worth $28,000. Truvestments Capital LLC purchased a new stake in shares of ServiceNow in the third quarter worth $30,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow in the fourth quarter worth $32,000. FPC Investment Advisory Inc. grew its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow in the fourth quarter worth $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. TD Cowen lifted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Cantor Fitzgerald assumed coverage on ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price objective for the company. Jefferies Financial Group cut their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Finally, 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. One investment 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 given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.