Advisory Resource Group Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Advisory Resource Group trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,008 shares of the information technology services provider’s stock after selling 130 shares during the quarter. Advisory Resource Group’s holdings in ServiceNow were worth $1,069,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the 3rd quarter valued at approximately $30,000. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $37,000. DT Investment Partners LLC increased its holdings in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares in the last quarter. Oakworth Capital Inc. increased its holdings in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $50,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.5 %

NYSE NOW opened at $1,007.79 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $1,080.32 and its 200-day simple moving average is $963.81. The firm has a market cap of $207.61 billion, a PE ratio of 147.55, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NOW shares. Canaccord Genuity Group lifted their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Piper Sandler lifted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Sanford C. Bernstein lifted their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Guggenheim reissued a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,173,173.83. The trade was a 2.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the sale, the general counsel now owns 6,843 shares in the company, valued at approximately $7,007,026.71. This trade represents a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,702 shares of company stock worth $20,965,306. Company insiders own 0.25% of the company’s stock.

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.