ServiceNow, Inc. (NYSE:NOW) General Counsel Russell Elmer executed the sale of 62 shares of the company”s stock on November 13. The transaction was completed at an average price of $852.38 per share, amounting to a total of $52,847.56. Following this sale, Elmer”s direct ownership in the company decreased to 4,332 shares, currently valued at approximately $3,692,510.16, marking a 1.41% reduction in his overall position.
This sale was officially reported in a document submitted to the SEC, which can be accessed through the appropriate channels. On the trading floor, ServiceNow shares experienced a slight decline of $0.31 on Friday, settling at $849.38. The trading volume for the day reached 1,182,900 shares, in contrast to the average volume of 1,643,093 shares.
The company has observed its stock fluctuate within a 1-year range, with a low of $678.66 and a high of $1,198.09. Financial metrics show a debt-to-equity ratio of 0.14, alongside a quick ratio and current ratio both at 1.09. ServiceNow”s market capitalization stands at approximately $176.67 billion, with a price-to-earnings (PE) ratio of 102.71 and a price/earnings to growth (PEG) ratio of 4.11, while its beta is recorded at 0.94.
Additionally, the company is poised for a stock split scheduled for December 5, with a 5-for-1 split announced on October 29. Shareholders can expect to receive newly issued shares following the market”s closure on December 4.
Wall Street Analysts Provide Insight
Recent evaluations from various research analysts suggest mixed sentiments regarding ServiceNow”s stock performance. BMO Capital Markets adjusted its price target from $1,160.00 to $1,150.00 while maintaining an “outperform” rating on October 30. On the same day, Morgan Stanley set a price objective of $1,315.00, assigning an “overweight” rating to the stock.
Further, TD Cowen raised its target price from $1,200.00 to $1,250.00, issuing a “buy” rating. JPMorgan Chase & Co. also increased its target from $1,020.00 to $1,075.00, reiterating its “overweight” rating. Erste Group Bank maintained a “hold” rating in a report published on July 23. The consensus rating for the stock is categorized as a “Moderate Buy,” with a consensus price target of $1,159.66 according to MarketBeat data.
Institutional Investors Adjust Positions
In the realm of institutional investment, notable changes have occurred regarding ServiceNow shares. Norges Bank acquired a significant new position during the second quarter, valued at about $2,589,235,000. Other major investors include Nuveen LLC, which purchased a stake worth approximately $1,817,535,000 in the first quarter, and Goldman Sachs Group Inc., which increased its holdings by 131.4%, now owning 1,480,526 shares worth around $1,178,706,000 after acquiring additional shares last quarter.
Furthermore, Parnassus Investments LLC and Amundi have also expanded their stakes in ServiceNow. Institutional investors collectively hold 87.18% of the company”s stock, reflecting strong institutional confidence in ServiceNow”s future prospects.
ServiceNow, Inc. specializes in providing intelligent workflow automation solutions, targeting digital transformation across various sectors globally, including North America, Europe, and Asia-Pacific.
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