Covestor Ltd Sells 292 Shares of ServiceNow, Inc. (NYSE:NOW)

Covestor Ltd trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 35.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 527 shares of the information technology services provider’s stock after selling 292 shares during the quarter. ServiceNow accounts for 0.4% of Covestor Ltd’s holdings, making the stock its 27th largest holding. Covestor Ltd’s holdings in ServiceNow were worth $559,000 at the end of the most recent quarter.

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

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW traded down $35.51 during mid-day trading on Thursday, hitting $790.44. 219,922 shares of the stock were exchanged, compared to its average volume of 1,450,119. The stock has a market capitalization of $162.83 billion, a price-to-earnings ratio of 115.73, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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 firm’s 50-day simple moving average is $884.76 and its 200 day simple moving average is $974.96. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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 analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

NOW has been the topic of several recent analyst reports. Scotiabank lowered their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Needham & Company LLC raised their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Raymond James decreased their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,079.10.

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.