Insider Selling: ServiceNow, Inc. (NYSE:NOW) CEO Sells $378,869.76 in Stock

ServiceNow, Inc. (NYSE:NOW) CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

ServiceNow Trading Down 3.1 %

Shares of NOW stock opened at $937.79 on Friday. 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, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market capitalization of $193.18 billion, a PE ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The business’s fifty day moving average is $1,054.69 and its 200 day moving average is $977.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. JPMorgan Chase & Co. increased their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Institutional Investors Weigh In On ServiceNow

A number of large investors have recently added to or reduced their stakes in the company. Ascent Group LLC raised its position in ServiceNow by 6.8% during the fourth quarter. Ascent Group LLC now owns 2,035 shares of the information technology services provider’s stock valued at $2,157,000 after purchasing an additional 129 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in ServiceNow during the fourth quarter valued at about $109,000. Mackenzie Financial Corp increased its holdings in shares of ServiceNow by 30.9% in the fourth quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock worth $184,351,000 after buying an additional 41,058 shares during the period. Forum Financial Management LP increased its holdings in shares of ServiceNow by 52.7% in the fourth quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock worth $855,000 after buying an additional 278 shares during the period. Finally, Michels Family Financial LLC purchased a new position in shares of ServiceNow in the fourth quarter worth about $682,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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.