Traders Buy Shares of ServiceNow (NOW) on Weakness on Insider Selling
Investors bought shares of ServiceNow, Inc. (NYSE:NOW) on weakness during trading on Thursday after an insider sold shares in the company. $54.51 million flowed into the stock on the tick-up and $40.61 million flowed out of the stock on the tick-down, for a money net flow of $13.90 million into the stock. Of all equities tracked, ServiceNow had the 31st highest net in-flow for the day. ServiceNow traded down ($0.03) for the day and closed at $128.97Specifically, insider Michael Scarpelli sold 95,035 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $126.52, for a total transaction of $12,023,828.20. Following the completion of the sale, the insider now directly owns 194,664 shares of the company’s stock, valued at $24,628,889.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederic B. Luddy sold 170,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $129.43, for a total transaction of $22,003,100.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,174 shares of company stock valued at $102,954,150. 3.30% of the stock is currently owned by insiders.
NOW has been the subject of a number of recent research reports. UBS boosted their price target on shares of ServiceNow from $128.00 to $168.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research cut shares of ServiceNow from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Mizuho restated a “buy” rating on shares of ServiceNow in a report on Monday, October 16th. BMO Capital Markets restated a “buy” rating and set a $127.00 price objective on shares of ServiceNow in a report on Friday, October 13th. Finally, Moffett Nathanson initiated coverage on shares of ServiceNow in a report on Wednesday, September 6th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-eight have assigned a buy rating and three have given a strong buy rating to the stock. ServiceNow has a consensus rating of “Buy” and an average target price of $132.17.
The company has a debt-to-equity ratio of 2.10, a current ratio of 1.66 and a quick ratio of 1.66.
ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.06. The company had revenue of $498.20 million during the quarter, compared to analysts’ expectations of $491.62 million. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 earnings per share. sell-side analysts expect that ServiceNow, Inc. will post -0.35 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in NOW. SeaBridge Investment Advisors LLC acquired a new position in ServiceNow during the third quarter worth $118,000. Rockefeller Financial Services Inc. acquired a new position in ServiceNow during the third quarter worth $138,000. Commonwealth Bank of Australia boosted its holdings in ServiceNow by 5.8% during the second quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock worth $159,000 after purchasing an additional 83 shares during the last quarter. Zweig DiMenna Associates LLC acquired a new position in ServiceNow during the second quarter worth $212,000. Finally, Toronto Dominion Bank boosted its holdings in ServiceNow by 12.3% during the second quarter. Toronto Dominion Bank now owns 2,040 shares of the information technology services provider’s stock worth $216,000 after purchasing an additional 224 shares during the last quarter.
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ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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