ServiceNow (NYSE:NOW) Shares Down 0.2% – Time to Sell?

ServiceNow, Inc. (NYSE:NOW)’s share price dropped 0.2% on Tuesday . The company traded as low as $974.00 and last traded at $984.74. Approximately 528,470 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 1,603,067 shares. The stock had previously closed at $986.63.

Wall Street Analysts Forecast Growth

NOW has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Evercore ISI upped their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Canaccord Genuity Group upped their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Trading Down 1.9 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $199.45 billion, a price-to-earnings ratio of 141.76, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. The firm has a fifty day moving average price of $1,061.97 and a 200-day moving average price of $976.06.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the sale, the insider now directly owns 6,244 shares of the company’s stock, valued at approximately $6,119,432.20. The trade was a 27.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,806 shares of company stock worth $16,065,122 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of ServiceNow

A number of hedge funds and other institutional investors have recently modified their holdings of NOW. Mackenzie Financial Corp boosted its holdings in shares of ServiceNow by 30.9% during the 4th quarter. Mackenzie Financial Corp now owns 173,896 shares of the information technology services provider’s stock valued at $184,351,000 after acquiring an additional 41,058 shares in the last quarter. Forum Financial Management LP raised its position in ServiceNow by 52.7% in the fourth quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider’s stock valued at $855,000 after purchasing an additional 278 shares during the last quarter. Michels Family Financial LLC acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $682,000. Castlekeep Investment Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter worth about $17,982,000. Finally, Formidable Asset Management LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $233,000. Institutional investors own 87.18% of the company’s stock.

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.