Faithward Advisors LLC Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Faithward Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.4% in the fourth quarter, Holdings Channel reports. The fund owned 5,131 shares of the information technology services provider’s stock after selling 23 shares during the quarter. ServiceNow accounts for approximately 0.9% of Faithward Advisors LLC’s portfolio, making the stock its 25th largest position. Faithward Advisors LLC’s holdings in ServiceNow were worth $5,439,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Atala Financial Inc purchased a new position in shares of ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the fourth quarter valued at about $32,000. FPC Investment Advisory Inc. raised its holdings in 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 purchasing an additional 29 shares in the last quarter. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the fourth quarter valued at about $34,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter worth approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was 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. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $734.62 on Tuesday. The firm has a market cap of $151.33 billion, a PE ratio of 107.56, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $909.68 and a 200 day moving average price of $979.97.

ServiceNow (NYSE:NOW) last posted 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%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on NOW. Redburn Atlantic initiated coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Mizuho dropped their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Guggenheim reissued a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, Raymond James initiated coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,086.00.

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.