Traders Sell ServiceNow (NOW) on Strength on Insider Selling

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Traders sold shares of ServiceNow Inc (NYSE:NOW) on strength during trading hours on Tuesday following insider selling activity. $74.87 million flowed into the stock on the tick-up and $295.91 million flowed out of the stock on the tick-down, for a money net flow of $221.04 million out of the stock. Of all companies tracked, ServiceNow had the 5th highest net out-flow for the day. ServiceNow traded up $0.98 for the day and closed at $241.96Specifically, insider David Schneider sold 3,259 shares of ServiceNow stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $241.37, for a total value of $786,624.83. Following the transaction, the insider now directly owns 54,346 shares of the company’s stock, valued at approximately $13,117,494.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 1,304 shares of ServiceNow stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $235.00, for a total value of $306,440.00. Following the completion of the transaction, the director now directly owns 9,571 shares in the company, valued at $2,249,185. The disclosure for this sale can be found here. Over the last three months, insiders sold 235,515 shares of company stock worth $52,151,836. 1.60% of the stock is owned by corporate insiders.

Several equities analysts have recently weighed in on the company. Mizuho assumed coverage on ServiceNow in a research note on Wednesday, March 13th. They issued a “buy” rating and a $265.00 price objective on the stock. ValuEngine raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 1st. Goldman Sachs Group lifted their price objective on ServiceNow from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, February 25th. They noted that the move was a valuation call. UBS Group lifted their price objective on ServiceNow from $230.00 to $271.00 and gave the company a “hold” rating in a research note on Monday, February 25th. Finally, JPMorgan Chase & Co. lifted their price objective on ServiceNow to $245.00 and gave the company an “overweight” rating in a research note on Thursday, January 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-one have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $229.15.

The stock has a market capitalization of $43.66 billion, a P/E ratio of 1,209.80, a P/E/G ratio of 24.78 and a beta of 1.44. The company has a quick ratio of 1.17, a current ratio of 1.16 and a debt-to-equity ratio of 0.60.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 30th. The information technology services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.63 by $0.14. The firm had revenue of $715.44 million for the quarter, compared to analyst estimates of $717.73 million. ServiceNow had a positive return on equity of 3.95% and a negative net margin of 1.02%. ServiceNow’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 EPS. As a group, research analysts anticipate that ServiceNow Inc will post 0.35 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in NOW. Capital International Investors acquired a new position in ServiceNow during the 3rd quarter worth approximately $480,663,000. Capital Research Global Investors increased its holdings in ServiceNow by 75.0% during the 3rd quarter. Capital Research Global Investors now owns 5,257,914 shares of the information technology services provider’s stock worth $1,028,606,000 after purchasing an additional 2,254,082 shares during the last quarter. Jennison Associates LLC increased its holdings in ServiceNow by 282.1% during the 4th quarter. Jennison Associates LLC now owns 2,406,077 shares of the information technology services provider’s stock worth $428,402,000 after purchasing an additional 1,776,380 shares during the last quarter. Norges Bank purchased a new stake in ServiceNow during the 4th quarter worth approximately $297,403,000. Finally, TIAA CREF Investment Management LLC increased its holdings in ServiceNow by 27.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,275,482 shares of the information technology services provider’s stock worth $640,783,000 after purchasing an additional 697,046 shares during the last quarter. 96.23% of the stock is currently owned by hedge funds and other institutional investors.

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About ServiceNow (NYSE:NOW)

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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