Investors Sell Shares of ServiceNow (NOW) on Strength After Insider Selling

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Traders sold shares of ServiceNow Inc (NYSE:NOW) on strength during trading hours on Thursday after an insider sold shares in the company. $77.30 million flowed into the stock on the tick-up and $200.97 million flowed out of the stock on the tick-down, for a money net flow of $123.67 million out of the stock. Of all stocks tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $1.20 for the day and closed at $241.59Specifically, insider David Schneider sold 2,373 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $240.17, for a total value of $569,923.41. Following the completion of the sale, the insider now owns 57,605 shares of the company’s stock, valued at $13,834,992.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,304 shares of the firm’s 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 sale, the director now directly owns 9,571 shares of the company’s stock, valued at approximately $2,249,185. The disclosure for this sale can be found here. Insiders sold 264,756 shares of company stock valued at $57,018,261 in the last ninety days. 1.60% of the stock is currently owned by insiders.

A number of research firms have issued reports on NOW. Mizuho began coverage on ServiceNow in a report on Wednesday. They issued a “buy” rating and a $265.00 price objective for the company. ValuEngine upgraded ServiceNow from a “buy” rating to a “strong-buy” rating in a report on Friday, March 1st. Goldman Sachs Group increased their price objective on ServiceNow from $260.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, February 25th. They noted that the move was a valuation call. UBS Group increased their price objective on ServiceNow from $230.00 to $271.00 and gave the stock a “hold” rating in a report on Monday, February 25th. Finally, JPMorgan Chase & Co. increased their price objective on ServiceNow to $245.00 and gave the stock an “overweight” rating in a report on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $227.75.

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.17. The firm has a market cap of $43.79 billion, a price-to-earnings ratio of 1,209.45, a price-to-earnings-growth ratio of 24.46 and a beta of 1.44.

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

Large investors have recently modified their holdings of the company. Berkshire Capital Holdings Inc. increased its holdings in ServiceNow by 889.5% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 41,460 shares of the information technology services provider’s stock worth $7,382,000 after buying an additional 37,270 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in ServiceNow by 17.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 22,134 shares of the information technology services provider’s stock worth $3,941,000 after buying an additional 3,259 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in ServiceNow by 26.6% in the 4th quarter. Advisors Asset Management Inc. now owns 20,609 shares of the information technology services provider’s stock worth $3,669,000 after buying an additional 4,325 shares in the last quarter. Roman Butler Fullerton & Co. bought a new stake in ServiceNow in the 4th quarter worth about $518,000. Finally, KAMES CAPITAL plc increased its holdings in ServiceNow by 611.7% in the 4th quarter. KAMES CAPITAL plc now owns 360,530 shares of the information technology services provider’s stock worth $64,138,000 after buying an additional 309,870 shares in the last quarter. Hedge funds and other institutional investors 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.

See Also: Understanding Price to Earnings Ratio (PE)

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