PFG Advisors Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

PFG Advisors decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 922 shares of the information technology services provider’s stock after selling 27 shares during the period. PFG Advisors’ holdings in ServiceNow were worth $977,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Noble Wealth Management PBC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new stake in ServiceNow during the third quarter valued at approximately $30,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Finally, Stonebridge Financial Group LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 4.0 %

NOW stock opened at $809.58 on Friday. 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 firm has a market cap of $166.77 billion, a PE ratio of 118.53, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The firm’s fifty day moving average is $997.51 and its 200 day moving average is $983.31.

ServiceNow (NYSE:NOW) last posted 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%. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NOW shares. UBS Group decreased their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday. Oppenheimer raised their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, Robert W. Baird decreased their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,114.24.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last ninety days. Corporate 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.