ServiceNow, Inc. (NYSE:NOW) Shares Sold by Cedar Wealth Management LLC

Cedar Wealth Management LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 5.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 249 shares of the information technology services provider’s stock after selling 14 shares during the period. Cedar Wealth Management LLC’s holdings in ServiceNow were worth $264,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD boosted its holdings in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the 4th quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. boosted its holdings in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new stake in ServiceNow in the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow in the 4th quarter valued at approximately $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.5 %

NOW stock opened at $827.92 on Friday. The company has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a PEG ratio of 4.51 and a beta of 1.03. 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 fifty day simple moving average of $971.31 and a 200-day simple moving average of $984.34. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting 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 expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analyst Ratings Changes

Several brokerages have recently commented on NOW. Mizuho decreased their price target 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. Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 price target on ServiceNow in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

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.