ServiceNow Inc. has been in the news for its quarterly earnings report in January, which beat the estimates. The information technology service provider reported a net margin of 4.49% and a return on equity of 9.37%. Several analysts have given buy ratings to the company’s stock. The company’s shares are listed on NYSE as NOW, with a current market cap of $87.88 billion. In other news, the CEO and insider of ServiceNow sold their shares in the company. Several brokerages recently issued reports on NOW, with varying price targets and ratings for the stock. For those interested in the latest insider trades and 13F filings, HoldingsChannel.com provides the information, while MarketBeat.com offers daily email newsletters on the latest news and analysts’ ratings for ServiceNow and related companies.
Mutual Advisors LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)
Mutual Advisors LLC has increased its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 9.9% during the fourth quarter, according to a recent filing with the SEC. The firm now owns 1,894 shares of the information technology services provider’s stock.
Other Institutional Investors Follow Suit
Other institutional investors have also made changes to their positions in NOW. High Net Worth Advisory Group LLC bought a new position in ServiceNow during the first quarter valued at $29,000. Vigilant Capital Management LLC boosted its holdings in ServiceNow by 300% in the third quarter, now owning 96 shares of the stock worth $36,000. Motco purchased a new stake in ServiceNow in the third quarter worth approximately $37,000, while SOA Wealth Advisors LLC increased its holdings by 10,000% in the fourth quarter, now owning 101 shares worth $39,000. Finally, Mach 1 Financial Group LLC purchased a new stake in ServiceNow in the third quarter worth approximately $43,000.
As of now, hedge funds and other institutional investors own 86.31% of the company’s stock.
ServiceNow Insiders Sell Shares Worth Over $29 Million
Insider trading reports show that CEO William R. McDermott sold 2,483 shares of ServiceNow stock on Wednesday, February 1st, at an average price of $455.03. Following the transaction, McDermott now directly owns 53,117 shares of the company’s stock, worth approximately $24,169,647.91. Insider Christopher Bedi also sold 2,613 shares on Wednesday, March 22nd, at an average price of $447.18. Bedi now owns 15,752 shares of ServiceNow’s stock, valued at approximately $7,043,979.36.
In total, insiders have sold 65,629 shares of ServiceNow’s stock worth $29,974,024 in the last three months. Corporate insiders own 0.28% of the company’s stock.
ServiceNow Stock Performance
Shares of NYSE NOW opened at $432.90 on Friday, with a market cap of $87.88 billion. The company’s P/E ratio is 270.56 and its P/E/G ratio is 5.94, with a beta of 1.03. The firm’s fifty-day moving average is $443.12 and its two-hundred-day moving average is $412.46.
ServiceNow, Inc. has a 52-week low of $337.00 and a 52-week high of $601.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11, and a current ratio of 1.11.
ServiceNow Beats Q4 Earnings Estimates
ServiceNow (NYSE:NOW – Get Rating) announced its quarterly earnings results on Wednesday, January 25th, reporting $0.88 earnings per share (EPS) for the quarter. This exceeded analysts’ consensus estimates of $0.60 by $0.28. The company’s revenue for the quarter was $1.94 billion, compared to the consensus estimate of $1.93 billion. ServiceNow’s net margin was 4.49% and the return on equity was 9.37%.
Analysts Offer Mixed Ratings for ServiceNow
Several brokerages recently issued reports on NOW. Wolfe Research raised their target price on shares of ServiceNow from $500.00 to $510.00 and gave the stock an “outperform” rating. Oppenheimer also raised their target price on shares of ServiceNow from $450.00 to $500.00 and gave the stock an “outperform” rating. Credit Suisse Group, however, dropped their target price on shares of ServiceNow from $600.00 to $575.00 and set an “outperform” rating on the stock. Truist Financial cut shares of ServiceNow from a “buy” rating to a “hold” rating and dropped their price target for the stock from $525.00 to $420.00. Finally, Cowen lifted their price target on shares of ServiceNow from $520.00 to $530.00 and gave the stock an “outperform” rating. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $517.47.
About ServiceNow
ServiceNow, Inc. provides enterprise cloud computing solutions, delivering digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio focuses on providing Information Technology, Employee, and Customer workflows. The company was founded by Frederic B. Luddy in June 2004 and is headquartered in Santa Clara, California.
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