ServiceNow, Inc. (NYSE:NOW) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its stake in ServiceNow, Inc. (NYSE:NOW) by 8.6% during the 4th quarter, HoldingsChannel reports. The fund owned 11,752 shares of the information technology services provider’s stock after selling 1,105 shares during the period. ServiceNow comprises 0.7% of Pitcairn Co.’s portfolio, making the stock its 19th largest position. Pitcairn Co.’s holdings in ServiceNow were worth $12,459,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. United Bank bought a new stake in ServiceNow in the third quarter valued at about $480,000. Arete Wealth Advisors LLC grew its position in shares of ServiceNow by 47.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock worth $1,387,000 after acquiring an additional 500 shares in the last quarter. Atom Investors LP increased its holdings in shares of ServiceNow by 20.0% in the 3rd quarter. Atom Investors LP now owns 1,339 shares of the information technology services provider’s stock valued at $1,198,000 after acquiring an additional 223 shares during the last quarter. IHT Wealth Management LLC raised its position in shares of ServiceNow by 29.4% during the 3rd quarter. IHT Wealth Management LLC now owns 5,328 shares of the information technology services provider’s stock valued at $4,742,000 after acquiring an additional 1,211 shares in the last quarter. Finally, Motley Fool Asset Management LLC lifted its stake in ServiceNow by 5.7% during the third quarter. Motley Fool Asset Management LLC now owns 9,479 shares of the information technology services provider’s stock worth $8,220,000 after purchasing an additional 515 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Raymond James began coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Mizuho lowered their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Truist Financial cut their price target on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,087.21.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $824.64 on Thursday. The company has a market capitalization of $169.88 billion, a P/E ratio of 120.74, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business’s 50-day moving average price is $933.06 and its two-hundred day moving average price is $982.64. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

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 transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Insiders own 0.25% 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.