ServiceNow, Inc. (NYSE:NOW) Shares Sold by Parkwood LLC

Parkwood LLC trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 26.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 15,148 shares of the information technology services provider’s stock after selling 5,531 shares during the quarter. ServiceNow makes up about 1.8% of Parkwood LLC’s investment portfolio, making the stock its 12th largest holding. Parkwood LLC’s holdings in ServiceNow were worth $16,059,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Avidian Wealth Enterprises LLC grew its holdings in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its stake in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. lifted its position in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares during the period. TBH Global Asset Management LLC boosted its stake in ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares in the last quarter. Finally, Onefund LLC increased its holdings in ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NOW. Barclays set a $1,085.00 price objective on shares of ServiceNow in a report on Wednesday, May 7th. Truist Financial raised shares of ServiceNow from a “hold” rating to a “buy” rating and increased their price target for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Robert W. Baird lifted their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Finally, Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,055.83.

Insider Activity

In related news, insider Jacqueline P. Canney sold 257 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $253,145.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,981,595. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,023 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,280,016. This represents a 19.10% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,844 shares of company stock valued at $14,204,938. Company insiders own 0.38% of the company’s stock.

ServiceNow Trading Up 2.1%

Shares of NYSE NOW opened at $1,037.43 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a 50-day moving average of $850.27 and a two-hundred day moving average of $971.49. The company has a market cap of $214.75 billion, a PE ratio of 151.89, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow declared that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.