Russell Elmer, General Counsel of ServiceNow, Inc. (NYSE:NOW), executed a stock sale on November 13, 2023, selling 62 shares at an average price of $852.38. The total value of this transaction amounted to $52,847.56. Following this sale, Elmer holds 4,332 shares in the company, which are currently valued at approximately $3,692,510.16. This transaction reflects a 1.41% decrease in his overall stake in the company.
The details of the sale were disclosed in a filing with the Securities and Exchange Commission, which can be accessed publicly.
ServiceNow’s Market Performance
On the day of the stock sale, ServiceNow shares opened at $849.38. The company has experienced fluctuations in its stock price over the past year, with a 12-month low of $678.66 and a high of $1,198.09. Currently, the company has a market capitalization of approximately $176.67 billion. Its price-to-earnings (P/E) ratio stands at 102.71, while the price-to-earnings growth (P/E/G) ratio is 4.11.
ServiceNow’s current ratio and quick ratio are both 1.09, indicating a stable liquidity position. The company’s debt-to-equity ratio is relatively low at 0.14, suggesting a conservative approach to leveraging.
In a notable development, ServiceNow is scheduled to execute a 5-for-1 stock split before the market opens on December 5, 2023. This split was announced on October 29, 2023, and new shares will be distributed to shareholders after market close on December 4, 2023.
Institutional Investment Activity
Recent changes in institutional holdings reflect growing interest in ServiceNow. In the second quarter, Kilter Group LLC acquired a new stake valued at around $25,000. IAG Wealth Partners LLC significantly increased its holdings by 200% during the third quarter, now owning 27 shares valued at $25,000. Other institutional investors, including Global X Japan Co. Ltd. and Total Investment Management Inc., also established new positions during this period, with investments ranging from $30,000 to $32,000.
Overall, institutional investors collectively hold 87.18% of ServiceNow’s stock, indicating strong institutional confidence in the company’s future prospects.
Analysts have responded to ServiceNow’s stock performance with mixed reviews. Jefferies Financial Group recently increased its price target from $1,025.00 to $1,150.00, maintaining a “buy” rating. Conversely, Zacks Research downgraded its rating from “strong-buy” to “hold” on November 11, 2023. Other firms, such as Cantor Fitzgerald and Raymond James Financial, have set price targets of $1,200.00 and $1,100.00, respectively.
Investment analysts have given ServiceNow an average rating of “Moderate Buy” with a consensus target price of $1,159.66, reflecting a generally positive outlook for the company amid varying individual assessments.
ServiceNow, Inc. continues to provide innovative workflow automation solutions across various regions, including North America, Europe, the Middle East, Africa, and Asia Pacific. The company is recognized for its contributions to digital transformation, leveraging advanced technologies such as artificial intelligence and machine learning to enhance operational efficiency for businesses globally.
