Sunpointe LLC Sells 12 Shares of ServiceNow, Inc. (NYSE:NOW)

Sunpointe LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 318 shares of the information technology services provider’s stock after selling 12 shares during the quarter. Sunpointe LLC’s holdings in ServiceNow were worth $337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at about $30,000. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. Bank of Jackson Hole Trust purchased a new position in ServiceNow in the fourth quarter worth $40,000. Finally, DT Investment Partners LLC increased its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Oppenheimer upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Truist Financial lifted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday. They set a “buy” rating on the stock. Finally, Sanford C. Bernstein lifted their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock valued at $16,065,122 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $986.61 on Thursday. The firm has a market cap of $203.24 billion, a PE ratio of 144.45, a P/E/G ratio of 4.59 and a beta of 0.99. The business has a 50-day moving average price of $1,061.97 and a 200 day moving average price of $976.06. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

About ServiceNow

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.