Middleton & Co. Inc. MA Sells 792 Shares of ServiceNow, Inc. (NYSE:NOW)

Middleton & Co. Inc. MA decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,610 shares of the information technology services provider’s stock after selling 792 shares during the quarter. ServiceNow accounts for about 2.4% of Middleton & Co. Inc. MA’s holdings, making the stock its 9th largest holding. Middleton & Co. Inc. MA’s holdings in ServiceNow were worth $21,849,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Strategic Blueprint LLC purchased a new stake in ServiceNow during the 3rd quarter worth approximately $241,000. Financial Advocates Investment Management boosted its stake in ServiceNow by 5.5% during the 3rd quarter. Financial Advocates Investment Management now owns 556 shares of the information technology services provider’s stock worth $497,000 after purchasing an additional 29 shares during the last quarter. HM Payson & Co. lifted its stake in shares of ServiceNow by 25.5% in the third quarter. HM Payson & Co. now owns 704 shares of the information technology services provider’s stock worth $630,000 after buying an additional 143 shares in the last quarter. Oak Ridge Investments LLC lifted its stake in ServiceNow by 6.9% in the 3rd quarter. Oak Ridge Investments LLC now owns 10,602 shares of the information technology services provider’s stock worth $9,482,000 after purchasing an additional 687 shares in the last quarter. Finally, LCM Capital Management Inc grew its position in shares of ServiceNow by 4.6% in the third quarter. LCM Capital Management Inc now owns 409 shares of the information technology services provider’s stock valued at $366,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Truist Financial boosted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Robert W. Baird dropped their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Up 0.9 %

Shares of ServiceNow stock opened at $929.56 on Friday. The firm has a market cap of $191.49 billion, a price-to-earnings ratio of 136.10, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company’s 50-day simple moving average is $1,038.07 and its 200-day simple moving average is $981.66. 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 (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by company insiders.

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.