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

Clark Capital Management Group Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 85.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 515 shares of the information technology services provider’s stock after selling 3,117 shares during the quarter. Clark Capital Management Group Inc.’s holdings in ServiceNow were worth $546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Hudson Valley Investment Advisors Inc. ADV bought a new stake in ServiceNow during the 4th quarter worth $223,000. Fortitude Family Office LLC raised its holdings in ServiceNow by 18.8% in the 4th quarter. Fortitude Family Office LLC now owns 95 shares of the information technology services provider’s stock valued at $101,000 after buying an additional 15 shares during the last quarter. ORG Partners LLC boosted its position in ServiceNow by 15.2% during the 4th quarter. ORG Partners LLC now owns 159 shares of the information technology services provider’s stock worth $169,000 after buying an additional 21 shares during the period. Hilltop National Bank grew its holdings in ServiceNow by 22.8% during the 4th quarter. Hilltop National Bank now owns 420 shares of the information technology services provider’s stock worth $445,000 after acquiring an additional 78 shares during the last quarter. Finally, Franklin Street Advisors Inc. NC acquired a new position in ServiceNow in the 4th quarter valued at approximately $200,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Up 0.7 %

Shares of ServiceNow stock 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 has a market capitalization of $203.09 billion, a P/E ratio of 143.65, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock’s 50-day simple moving average is $844.85 and its 200 day simple moving average is $970.05.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the firm posted $3.41 EPS. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 191 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $188,135.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,267,020. This trade represents a 4.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,150 shares of company stock valued at $16,550,424 in the last quarter. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Piper Sandler lowered their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Royal Bank of Canada upped their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,048.55.

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.