ServiceNow Sees Unusually High Options Volume (NYSE:NOW)

ServiceNow, Inc. (NYSE:NOW) was the recipient of some unusual options trading on Friday. Stock investors purchased 127,278 put options on the company. This is an increase of 602% compared to the typical volume of 18,141 put options.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,610 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $165.42, for a total transaction of $431,735.76. Following the completion of the transaction, the insider owned 15,000 shares of the company’s stock, valued at $2,481,240. This trade represents a 14.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $161.60, for a total transaction of $242,400.00. Following the completion of the sale, the director owned 47,930 shares in the company, valued at approximately $7,745,488. This trade represents a 3.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 15,310 shares of company stock worth $2,533,585 in the last quarter. Company insiders own 0.34% of the company’s stock.

Institutional Trading of ServiceNow

Hedge funds have recently made changes to their positions in the stock. Kilter Group LLC acquired a new position in ServiceNow in the 2nd quarter valued at approximately $25,000. IAG Wealth Partners LLC grew its holdings in shares of ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 18 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow in the second quarter worth $30,000. Total Investment Management Inc. purchased a new stake in shares of ServiceNow during the second quarter worth $31,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of ServiceNow during the second quarter worth $32,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. BMO Capital Markets dropped their target price on shares of ServiceNow from $232.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Arete Research upgraded shares of ServiceNow to a “hold” rating in a research report on Thursday, December 11th. Piper Sandler reiterated an “overweight” rating and set a $230.00 price objective on shares of ServiceNow in a research report on Thursday, October 30th. DA Davidson set a $220.00 price objective on ServiceNow and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $250.00 target price on shares of ServiceNow in a report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $223.53.

ServiceNow Stock Performance

Shares of NOW stock opened at $153.08 on Friday. The company has a market capitalization of $158.96 billion, a price-to-earnings ratio of 92.55, a P/E/G ratio of 3.19 and a beta of 0.97. ServiceNow has a 1-year low of $135.73 and a 1-year high of $239.62. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $166.64 and its 200-day simple moving average is $180.47.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.