ServiceNow Inc. [NOW] Director makes an insider purchase of 6,600 shares worth 3.07 million.

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. ServiceNow Inc. shares valued at $3,074,679 were sold by LUDDY FREDERIC B on Aug 03. At $465.86 per share, LUDDY FREDERIC B sold 6,600 shares. The insider’s holdings dropped to 33,000 shares worth approximately $16.48 million following the completion of this transaction.

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Also, Chadwick Jonathan sold 1,000 shares, netting a total of over 450,580 in proceeds. Following the sale of shares at $450.58 each, the insider now holds 6,340 shares.

Before that, Canney Jacqueline P had sold 999 shares from its account. In a trade valued at $451,243, the Chief People Officer traded ServiceNow Inc. shares for $451.69 each. Upon closing the transaction, the insider’s holdings decreased to 999 shares, worth approximately $0.36 million.

As published in their initiating research note from Bernstein on July 20, 2022, ServiceNow Inc. [NOW] has been an Outperform and the price target has been revised to $646. This represents a 22.69% premium over Thursday’s closing price. Analysts at Wells Fargo started covering the stock with ‘”an Overweight”‘ outlook in a report released in mid May. As of March 29, 2022, Exane BNP Paribas has decreased its “Neutral” rating to a “an Underperform” for NOW. Earlier on January 27, 2022, Piper Sandler upgraded its rating. Their new recommendation was “an Overweight” for NOW stock which previously was a “a Neutral”.

Analyzing NOW’s Price Performance

On Thursday, ServiceNow Inc. [NYSE: NOW] plunged -3.24% to $499.45. The stock’s lowest price that day was $497.42, but it reached a high of $521.575 in the same session. During the last five days, there has been a surge of approximately 1.31%. Over the course of the year, ServiceNow Inc. shares have dropped approximately -23.06%. Shares of the company reached a 52-week high of $651.41 on 01/03/22 and a 52-week low of $406.47 on 05/12/22. A 50-day SMA is recorded $468.83, while a 200-day SMA reached $543.45. Nevertheless, trading volume fell to 1.48 million shares from 0.98 million shares the previous day.

Support And Resistance Levels for ServiceNow Inc. (NOW)

According to the 24-hour chart, there is a support level at 490.72, which, if violated, would cause prices to drop to 481.99. In the upper region, resistance lies at 514.88. The next price resistance is at 530.30. RSI (Relative Strength Index) is 58.90 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 32.45, which suggests the price will increase in the coming days. Percent R is at 21.32%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is ServiceNow Inc. subject to short interest?

Stocks of ServiceNow Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.31 million shares to 4.0 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 4.31 million shares. A decline of -7.75% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.11 of the overall float, the days-to-cover ratio (short ratio) decline to 2.11.

Which companies own the most shares of ServiceNow Inc. (NOW)?

According to The Vanguard Group, Inc. filings, the company currently owns 15,487,132 shares, which is about 7.73% of the total NOW shares outstanding. The investor’s shares have appreciated by 321,135 from its previous 13-F filing of 15165997.0 shares. With the completion of the buy transaction, T. Rowe Price Associates, Inc.’s stake is now worth $6,760,508,735. BlackRock Fund Advisors acquire a 0.60% interest valued at $4.5 billion while SSgA Funds Management, Inc. sold a -4,073 stake. A total of -407,469 shares of ServiceNow Inc. were sold by Morgan Stanley Investment Managem during the quarter, and -1,496,528 were sold by Capital Research & Management Co. In its current portfolio, Polen Capital Management LLC holds 3,219,600 shares valued at $1.53 billion.

In terms of ServiceNow Inc. share price expectations, FactSet research, analysts set an average price target of $562.28 in the next 12 months, up nearly 6.55% from the previous closing price of $516.20. Analysts anticipate ServiceNow Inc. stock to reach $752.00 by 2022, with the lowest price target being $495.00. In spite of this, 33 analysts ranked ServiceNow Inc. stock as a Buy at the end of 2022. On January 27, 2022, Oppenheimer assigned a price target of “an Outperform” to the stock and reiterated coverage with a $660.


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