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

Cynosure Group LLC lowered its position in ServiceNow, Inc. (NYSE:NOW) by 23.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 735 shares of the information technology services provider’s stock after selling 229 shares during the period. Cynosure Group LLC’s holdings in ServiceNow were worth $779,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. raised its stake in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the last quarter. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow in the fourth quarter worth about $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NOW shares. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research note on Tuesday, March 11th. Piper Sandler increased their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Guggenheim reissued a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,088.59.

ServiceNow Stock Up 1.8 %

NYSE NOW opened at $810.61 on Wednesday. The stock has a market cap of $166.99 billion, a PE ratio of 118.68, a P/E/G ratio of 4.51 and a beta of 1.03. The business has a 50 day moving average price of $939.07 and a two-hundred day moving average price of $983.75. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. 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 released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

ServiceNow Company 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.