Traders Sell Shares of ServiceNow (NOW) on Strength Following Insider Selling
Traders sold shares of ServiceNow Inc (NYSE:NOW) on strength during trading on Wednesday following insider selling activity. $69.80 million flowed into the stock on the tick-up and $203.12 million flowed out of the stock on the tick-down, for a money net flow of $133.32 million out of the stock. Of all equities tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $1.68 for the day and closed at $240.39Specifically, Director Ronald E. F. Codd sold 100,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $220.08, for a total value of $22,008,000.00. Following the completion of the transaction, the director now directly owns 78,428 shares in the company, valued at $17,260,434.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David Schneider sold 2,373 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $240.17, for a total value of $569,923.41. Following the completion of the transaction, the insider now owns 57,605 shares of the company’s stock, valued at $13,834,992.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 264,756 shares of company stock valued at $57,018,261. 1.60% of the stock is currently owned by company insiders.
NOW has been the subject of several research analyst reports. Goldman Sachs Group raised their price objective on ServiceNow from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, February 25th. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price objective on ServiceNow to $245.00 and gave the stock an “overweight” rating in a research note on Thursday, January 31st. BMO Capital Markets restated an “outperform” rating and issued a $235.00 price objective (up from $205.00) on shares of ServiceNow in a research note on Thursday, January 31st. ValuEngine upgraded ServiceNow from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 1st. Finally, KeyCorp restated an “overweight” rating and issued a $250.00 price objective (up from $210.00) on shares of ServiceNow in a research note on Thursday, January 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $227.75.
The stock has a market capitalization of $43.79 billion, a P/E ratio of 1,207.55, a P/E/G ratio of 24.46 and a beta of 1.44. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.17.
Institutional investors have recently made changes to their positions in the stock. Capital International Investors purchased a new stake in ServiceNow in the third quarter valued at $480,663,000. Capital Research Global Investors raised its holdings in shares of ServiceNow by 75.0% in the 3rd quarter. Capital Research Global Investors now owns 5,257,914 shares of the information technology services provider’s stock valued at $1,028,606,000 after buying an additional 2,254,082 shares during the period. Jennison Associates LLC raised its holdings in shares of ServiceNow by 282.1% in the 4th quarter. Jennison Associates LLC now owns 2,406,077 shares of the information technology services provider’s stock valued at $428,402,000 after buying an additional 1,776,380 shares during the period. Norges Bank purchased a new stake in shares of ServiceNow in the 4th quarter valued at $297,403,000. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of ServiceNow by 27.0% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 3,275,482 shares of the information technology services provider’s stock valued at $640,783,000 after buying an additional 697,046 shares during the period. Hedge funds and other institutional investors own 97.07% of the company’s stock.
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ServiceNow Company Profile (NYSE:NOW)
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.
Further Reading: Beta
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