ServiceNow (NYSE:NOW) Shares Down 1.7% on Insider Selling

Shares of ServiceNow, Inc. (NYSE:NOW) dropped 1.7% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $828.21 and last traded at $836.0850. Approximately 1,131,246 shares were traded during trading, a decline of 31% from the average daily volume of 1,640,767 shares. The stock had previously closed at $850.43.

Specifically, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $852.38, for a total value of $56,257.08. Following the completion of the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at approximately $2,580,154.26. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $852.38, for a total transaction of $52,847.56. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,692,510.16. The trade was a 1.41% decrease in their position. The SEC filing for this sale provides additional information.

Analyst Ratings Changes

A number of research firms have recently weighed in on NOW. Citigroup boosted their target price on shares of ServiceNow from $1,234.00 to $1,253.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Zacks Research cut ServiceNow from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 11th. Finally, Raymond James Financial increased their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,159.66.

ServiceNow Stock Performance

The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $912.89 and a 200 day moving average price of $948.48. The stock has a market cap of $173.91 billion, a P/E ratio of 101.10, a PEG ratio of 4.11 and a beta of 0.94.

Shares of ServiceNow are set to split on Friday, December 5th. The 5-1 split was announced on Wednesday, October 29th. The newly created shares will be distributed to shareholders after the closing bell on Thursday, December 4th.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 29th. The information technology services provider reported $4.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.21 by $0.61. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.35 billion. ServiceNow had a net margin of 13.66% and a return on equity of 19.23%. The business’s revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.72 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Hedge Funds Weigh In On ServiceNow

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in ServiceNow during the 2nd quarter worth $2,589,235,000. Nuveen LLC bought a new position in shares of ServiceNow during the 1st quarter worth $1,817,535,000. Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after buying an additional 840,731 shares during the period. Parnassus Investments LLC bought a new stake in shares of ServiceNow in the first quarter valued at about $519,806,000. Finally, Amundi lifted its stake in ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the period. 87.18% of the stock is currently owned by institutional investors.

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.