Insider Selling: ServiceNow, Inc. (NOW) Director Sells $9,580,725.00 in Stock
ServiceNow, Inc. (NYSE:NOW) Director Frederic B. Luddy sold 82,500 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $116.13, for a total value of $9,580,725.00. Following the completion of the sale, the director now owns 29,990 shares of the company’s stock, valued at $3,482,738.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Shares of ServiceNow, Inc. (NYSE:NOW) opened at 116.11 on Monday. The firm’s market capitalization is $19.82 billion. ServiceNow, Inc. has a 12-month low of $72.80 and a 12-month high of $118.64. The company’s 50-day moving average price is $111.34 and its 200 day moving average price is $100.82.
ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million during the quarter, compared to analyst estimates of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. ServiceNow’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. On average, equities analysts forecast that ServiceNow, Inc. will post $1.17 earnings per share for the current year.
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Several hedge funds have recently added to or reduced their stakes in NOW. Capital World Investors bought a new position in shares of ServiceNow in the second quarter valued at approximately $259,594,000. Coatue Management LLC bought a new position in ServiceNow during the second quarter valued at $184,317,000. FMR LLC grew its holdings in ServiceNow by 91.1% during the first quarter. FMR LLC now owns 3,280,069 shares of the information technology services provider’s stock valued at $286,908,000 after purchasing an additional 1,563,778 shares during the period. Vanguard Group Inc. grew its holdings in ServiceNow by 8.1% during the first quarter. Vanguard Group Inc. now owns 13,244,656 shares of the information technology services provider’s stock valued at $1,158,511,000 after purchasing an additional 994,461 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in ServiceNow by 770.6% during the first quarter. Renaissance Technologies LLC now owns 1,072,600 shares of the information technology services provider’s stock valued at $93,820,000 after purchasing an additional 949,400 shares during the period.
NOW has been the subject of several recent analyst reports. Zacks Investment Research downgraded ServiceNow from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. BidaskClub upgraded ServiceNow from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Morgan Stanley reiterated an “overweight” rating and set a $134.00 price objective (up from $124.00) on shares of ServiceNow in a report on Thursday, July 20th. Barclays PLC reiterated an “overweight” rating and set a $115.00 price objective (up from $107.00) on shares of ServiceNow in a report on Monday, June 5th. Finally, J P Morgan Chase & Co initiated coverage on ServiceNow in a report on Friday, June 23rd. They set an “overweight” rating and a $125.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $117.40.
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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