Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Shares of ServiceNow Inc. worth $2,544,047 was sold by LUDDY FREDERIC B on Oct 10. At $385.46 per share LUDDY FREDERIC B sold 6,600 shares. The insider’s holdings decreased to 31,800 shares valued at approximately $11.51 million following the completion of this transaction.
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Also, ELMER RUSSELL S sold 2,666 shares, amounting to a total of over 1,127,185 shares. Following the sale of the shares at $422.80 each, the insider now holds 6,627 shares.
Before that, LUDDY FREDERIC B sold 6,600 shares from his account. In a trade worth $2,797,732, the Director exchanged shares of ServiceNow Inc. for $423.90 each. At the close of the transaction, the insider’s holdings decreased to 6,600 shares, worth approximately $11.73 million.
As published in a research note from JP Morgan on October 11, 2022, ServiceNow Inc. [NOW] was rated from Neutral to Overweight and the price target was revised to $460. This represents a 21.33% premium to Thursday’s closing price. Analysts at MoffettNathanson began covering the stock with a ‘”a Hold”‘ outlook in a report issued in late September. On August 12, 2022, Guggenheim initiated its “Neutral” rating for NOW. Earlier on July 20, 2022, Bernstein initiated its rating. Their recommendation is “an Outperform” for NOW stock.
NOW’s Price Performance Analysis
On Thursday, ServiceNow Inc. [NYSE: NOW] fell -1.96% to $361.90. The stock’s lowest price for the day was $337.00, but it reached a high of $366.57 during the same session. In the last five days, there has been a decrease of about -13.51%. Over the course of the year, shares of ServiceNow Inc. has decreased by approximately -44.25%. Shares of the company hit a 52-week high of $651.41 on 01/03/22 and a 52-week low of $337.00 on 10/13/22. The 50-day SMA was noted at $437.63, while the 200-day SMA touched $492.94. However, trading volume fell to 2.73 million shares from 2.04 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 343.74, which, if breached, will cause prices to drop to 325.59. In the upper region, resistance is at 373.31. The next price resistance is at 384.73. The RSI (Relative Strength Index) is 33.70 on the 14-day chart, showing a neutral technical sentiment. The Moving Average Convergence Divergence (MACD) is at -20.31, suggesting that the price will decline in the coming days. The R percentage is at 74.17%, indicating a bearish price movement. Stochastics %K on buy indicates that the stock will hold.
ServiceNow Inc. is subject to short interest?
The Stocks of ServiceNow Inc. saw intense short interest on Jul 14, 2022 which decreased -0.31 million shares to 4.0 million. Data from Yahoo Finance shows that short interest as of June 14, 2022 is 4.31 million shares. The -7.75% decrease in short interest reflects a negative sentiment on the stock. Despite the fact that short shares comprise only 2.11 of the total float, the day-to-cover ratio (short ratio) decreased to 2.11.
Which company owns the most shares of ServiceNow Inc. (NOW)?
According to a filing by The Vanguard Group, Inc., the company currently owns 15,723,059 shares, which is about 7.78% of the total NOW shares outstanding. The investor’s shares appreciated by 235,927 from its previous 13-F filing of 15487132.0 shares. Upon completion of the sale transaction, the stake of T. Rowe Price Associates, Inc. is now worth $5,293,290,912. BlackRock Fund Advisors acquired 1.01% interest worth $3.61 billion while SSgA Funds Management, Inc. sold -78,723 stakes. In total, 222,292 shares of ServiceNow Inc. Capital Research & Management Co sold during the quarter, and -229,399 were sold by Morgan Stanley Investment Managem. In its current portfolio, Edgewood Management LLC has 4,122,588 shares worth $1.56 billion.
In terms of ServiceNow Inc.’s share price expectations, FactSet research, analysts have set an average price target of $551.22 over the next 12 months, up nearly 49.0% from the previous closing price of $369.13. Analysts expect ServiceNow Inc stock to reach $752.00. by 2022, with a minimum price target of $460.00. Despite this, 36 analysts rank ServiceNow Inc. stock. as a Buy at the end of 2022. On May 18, 2022, Wells Fargo assigned a “Overweight” price target on the stock and initiated coverage with $600.