Keudell Morrison Wealth Management Sells 79 Shares of ServiceNow, Inc. (NYSE:NOW)

Keudell Morrison Wealth Management cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 762 shares of the information technology services provider’s stock after selling 79 shares during the quarter. Keudell Morrison Wealth Management’s holdings in ServiceNow were worth $808,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new stake in shares of ServiceNow in the 3rd quarter valued at $30,000. DT Investment Partners LLC raised its holdings in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares in the last quarter. Oakworth Capital Inc. lifted its position in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the last quarter. Synergy Asset Management LLC bought a new stake in shares of ServiceNow during the 4th quarter worth about $50,000. Finally, Dunhill Financial LLC increased its holdings in shares of ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

ServiceNow stock opened at $1,011.67 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a 50-day simple moving average of $1,084.47 and a 200 day simple moving average of $952.71. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $208.40 billion, a price-to-earnings ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.98 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NOW shares. Raymond James initiated coverage on ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Sanford C. Bernstein upped their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, BMO Capital Markets lifted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock valued at $21,016,751 in the last 90 days. 0.25% of the stock is owned by company insiders.

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.