MidWestOne Financial Group Inc. Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

MidWestOne Financial Group Inc. trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 998 shares of the information technology services provider’s stock after selling 77 shares during the period. MidWestOne Financial Group Inc.’s holdings in ServiceNow were worth $1,058,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Quarry LP acquired a new position in ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the fourth quarter worth about $32,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $1,016.08 on Thursday. The company has a market cap of $210.33 billion, a P/E ratio of 148.77, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. 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 firm’s 50 day moving average price is $874.78 and its 200 day moving average price is $974.74.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 earnings per share. On average, research analysts forecast 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 repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 62 shares of the firm’s 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 sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,061 shares of company stock worth $9,515,766. Company insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of a number of research reports. Oppenheimer reissued an “outperform” rating and issued a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Guggenheim boosted their price objective on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research note on Thursday, April 24th. Bank of America cut their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, Evercore ISI lifted their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,062.50.

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.