Traders Sell Shares of ServiceNow (NOW) on Strength on Insider Selling

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Traders sold shares of ServiceNow Inc (NYSE:NOW) on strength during trading hours on Wednesday after an insider sold shares in the company. $69.80 million flowed into the stock on the tick-up and $203.12 million flowed out of the stock on the tick-down, for a money net flow of $133.32 million out of the stock. Of all equities tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $1.68 for the day and closed at $240.39Specifically, Director Frederic B. Luddy sold 32,500 shares of the stock in a transaction on Monday, December 17th. The stock was sold at an average price of $173.94, for a total value of $5,653,050.00. Following the transaction, the director now directly owns 282,383 shares of the company’s stock, valued at approximately $49,117,699.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 1,304 shares of the stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $235.00, for a total value of $306,440.00. Following the completion of the transaction, the director now directly owns 9,571 shares in the company, valued at $2,249,185. The disclosure for this sale can be found here. Insiders sold a total of 264,756 shares of company stock worth $57,018,261 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

NOW has been the topic of several research reports. Royal Bank of Canada reissued a “top pick” rating and issued a $230.00 price objective (up from $210.00) on shares of ServiceNow in a research report on Thursday, January 31st. ValuEngine raised ServiceNow from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. JMP Securities reissued a “mkt outperform” rating and issued a $225.00 price objective (up from $220.00) on shares of ServiceNow in a research report on Thursday, January 31st. Bank of America reissued a “buy” rating and issued a $235.00 price objective (up from $217.00) on shares of ServiceNow in a research report on Thursday, January 31st. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective (up from $180.00) on shares of ServiceNow in a research report on Thursday, January 31st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have given a buy rating and three have given a strong buy rating to the stock. ServiceNow has a consensus rating of “Buy” and a consensus target price of $227.75.

The company has a market capitalization of $43.79 billion, a P/E ratio of 1,207.55, a PEG ratio of 24.46 and a beta of 1.44. The company has a quick ratio of 1.17, a current ratio of 1.16 and a debt-to-equity ratio of 0.60.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 30th. The information technology services provider reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.14. The business had revenue of $715.44 million during the quarter, compared to the consensus estimate of $717.73 million. ServiceNow had a positive return on equity of 3.95% and a negative net margin of 1.02%. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period last year, the firm earned $0.37 earnings per share. Research analysts expect that ServiceNow Inc will post 0.35 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. boosted its stake in ServiceNow by 118.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 16,548 shares of the information technology services provider’s stock valued at $3,237,000 after acquiring an additional 8,988 shares during the period. Private Advisor Group LLC boosted its stake in ServiceNow by 95.2% in the third quarter. Private Advisor Group LLC now owns 2,983 shares of the information technology services provider’s stock valued at $584,000 after acquiring an additional 1,455 shares during the period. Stratos Wealth Partners LTD. acquired a new position in ServiceNow in the third quarter valued at approximately $101,000. Cambridge Investment Research Advisors Inc. boosted its stake in ServiceNow by 55.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,008 shares of the information technology services provider’s stock valued at $1,567,000 after acquiring an additional 2,865 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in ServiceNow by 17.6% in the third quarter. Janney Montgomery Scott LLC now owns 12,587 shares of the information technology services provider’s stock valued at $2,462,000 after acquiring an additional 1,883 shares during the period. Institutional investors and hedge funds own 97.07% of the company’s stock.

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ServiceNow Company Profile (NYSE:NOW)

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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