Insider Selling: ServiceNow (NYSE:NOW) Insider Sells 9,641 Shares of Stock

ServiceNow, Inc. (NYSE:NOW) insider Paul Fipps sold 9,641 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $105.93, for a total transaction of $1,021,271.13. Following the transaction, the insider directly owned 11,757 shares of the company’s stock, valued at $1,245,419.01. The trade was a 45.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

ServiceNow Price Performance

NYSE NOW traded down $0.50 on Thursday, reaching $107.31. The company’s stock had a trading volume of 13,176,542 shares, compared to its average volume of 24,552,902. The firm has a market cap of $112.24 billion, a PE ratio of 64.33, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The business has a 50-day moving average price of $132.99 and a 200 day moving average price of $162.48. ServiceNow, Inc. has a 52 week low of $98.00 and a 52 week high of $211.48. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The firm had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter last year, the company earned $0.73 earnings per share. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. Truist Financial set a $175.00 price objective on ServiceNow in a report on Thursday, February 5th. KeyCorp dropped their target price on shares of ServiceNow from $155.00 to $115.00 and set an “underweight” rating for the company in a research report on Thursday, January 29th. Canaccord Genuity Group set a $200.00 price target on shares of ServiceNow in a report on Thursday, January 29th. BMO Capital Markets decreased their price objective on shares of ServiceNow from $175.00 to $170.00 and set an “outperform” rating on the stock in a research note on Thursday, January 29th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of ServiceNow in a report on Thursday, January 29th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.06.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after acquiring an additional 81,752,460 shares during the period. State Street Corp increased its position in ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after purchasing an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC lifted its position in ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the period. Finally, Morgan Stanley lifted its position in ServiceNow by 335.6% during the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock valued at $3,482,543,000 after purchasing an additional 17,514,679 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.