Midland Wealth Advisors LLC Sells 60 Shares of ServiceNow, Inc. (NYSE:NOW)

Midland Wealth Advisors LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 466 shares of the information technology services provider’s stock after selling 60 shares during the period. Midland Wealth Advisors LLC’s holdings in ServiceNow were worth $494,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Main Street Research LLC grew its holdings in shares of ServiceNow by 100.6% in the fourth quarter. Main Street Research LLC now owns 32,737 shares of the information technology services provider’s stock valued at $34,705,000 after acquiring an additional 16,421 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of ServiceNow by 4.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 126,437 shares of the information technology services provider’s stock valued at $134,038,000 after acquiring an additional 5,162 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $235,000. NBT Bank N A NY grew its holdings in shares of ServiceNow by 35.1% in the fourth quarter. NBT Bank N A NY now owns 1,089 shares of the information technology services provider’s stock valued at $1,154,000 after acquiring an additional 283 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC grew its holdings in shares of ServiceNow by 1.9% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,057 shares of the information technology services provider’s stock valued at $1,121,000 after acquiring an additional 20 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Truist Financial upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Cantor Fitzgerald initiated coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective on the stock. Finally, Needham & Company LLC upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Down 8.1 %

Shares of NOW stock opened at $781.60 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market capitalization of $161.01 billion, a PE ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business’s fifty day moving average is $1,011.72 and its 200 day moving average is $985.64.

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, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has approved a share buyback 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This represents a 5.32 % decrease in their position. 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 90 days. 0.25% of the stock is owned by 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.