Russell S. Elmer Sells 62 Shares of ServiceNow, Inc. (NYSE:NOW) Stock

ServiceNow, Inc. (NYSE:NOW) General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

ServiceNow Stock Down 0.7%

Shares of ServiceNow stock opened at $1,029.76 on Thursday. The company has a market cap of $213.16 billion, a P/E ratio of 150.77, a PEG ratio of 4.51 and a beta of 0.97. The firm has a fifty day moving average of $853.85 and a two-hundred day moving average of $971.90. 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 one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the business earned $3.41 earnings per share. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire 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.

Institutional Trading of ServiceNow

A number of institutional investors have recently added to or reduced their stakes in NOW. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the first quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter valued at approximately $28,000. Finally, WASHINGTON TRUST Co increased its position in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after buying an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. BMO Capital Markets boosted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Robert W. Baird lifted their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Finally, Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

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.