Clark Capital Management Group Inc. Sells 3,117 Shares of ServiceNow, Inc. (NYSE:NOW)

Clark Capital Management Group Inc. decreased its position in ServiceNow, Inc. (NYSE:NOW) by 85.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515 shares of the information technology services provider’s stock after selling 3,117 shares during the period. Clark Capital Management Group Inc.’s holdings in ServiceNow were worth $546,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter valued at $27,000. Atala Financial Inc purchased a new position in ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% during the 4th 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. Finally, Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $981.13 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 stock’s fifty day moving average is $844.85 and its 200 day moving average is $970.05. The firm has a market capitalization of $203.09 billion, a PE ratio of 143.65, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue was up 18.6% on a year-over-year basis. During the same quarter last year, the business earned $3.41 EPS. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director now owns 428 shares of the company’s stock, valued at approximately $402,418.44. This trade represents a 58.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,150 shares of company stock worth $16,550,424 over the last 90 days. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $1,050.00 target price on shares of ServiceNow in a report on Tuesday. Jefferies Financial Group dropped their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research report on Thursday, April 24th. Bank of America dropped their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,048.55.

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.