Logan Capital Management Inc. Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Logan Capital Management Inc. lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,209 shares of the information technology services provider’s stock after selling 104 shares during the quarter. Logan Capital Management Inc.’s holdings in ServiceNow were worth $3,402,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Avidian Wealth Enterprises LLC increased its stake in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its holdings in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. increased its position in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC lifted its position in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the last quarter. Finally, Onefund LLC boosted its stake in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW stock opened at $1,015.60 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $210.23 billion, a price-to-earnings ratio of 148.70, a PEG ratio of 4.51 and a beta of 0.97. The firm’s 50 day moving average is $846.83 and its 200-day moving average is $971.03. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the business posted $3.41 EPS. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 257 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $253,145.00. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,981,595. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. This represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,844 shares of company stock valued at $14,204,938. 0.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent analyst reports. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Guggenheim raised their target price on shares of ServiceNow from $716.00 to $724.00 and gave the company a “sell” rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. cut their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and raised their price target for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $1,050.00 price objective on shares of ServiceNow in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,055.83.

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.