Wealth Alliance Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Wealth Alliance reduced its position in ServiceNow, Inc. (NYSE:NOW) by 10.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 889 shares of the information technology services provider’s stock after selling 106 shares during the quarter. Wealth Alliance’s holdings in ServiceNow were worth $942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in NOW. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter valued at about $30,000. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the fourth quarter worth about $37,000. Stonebridge Financial Group LLC purchased a new stake in shares of ServiceNow during the fourth quarter worth about $37,000. Bank of Jackson Hole Trust purchased a new stake in shares of ServiceNow during the fourth quarter worth about $40,000. Finally, DT Investment Partners LLC increased its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Sanford C. Bernstein lifted their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada reiterated an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Canaccord Genuity Group lifted their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday. They issued a “buy” rating for the company. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Activity

In other news, CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,806 shares of company stock worth $16,065,122. Insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $968.19 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The business’s fifty day moving average is $1,058.36 and its two-hundred day moving average is $976.01. The stock has a market capitalization of $199.45 billion, a P/E ratio of 141.76, a P/E/G ratio of 4.64 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 (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 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, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.