The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Silverman believes the sale implies McDermott thinks real estate is a better investment than NOW stock. On the other hand, VerityData’s Director of Research Ben Silverman takes issue with the sale. Bill retains a large equity stake in the company in fact, as his equity awards continue to vest over the next 12 months, he will more than replenish the amount he just sold.” The average price target represents >-0.01 Decrease from the current price of 654.17. The highest analyst price target is 706.00 ,the lowest forecast is 575.00. This is based on 28 Wall Streets Analysts 12-month price targets, issued in the past 3 months. ServiceNow stock is the majority of Bill’s compensation, and this is his first stock sale in more than two years. The average price target for ServiceNow is 654.15. The average twelve-month price prediction for ServiceNow is 614.77 with a high price target of 704.00 and a low price target of 410.00. “It could not be clearer how bullish he is on ServiceNow and its future. According to the issued ratings of 29 analysts in the last year, the consensus rating for ServiceNow stock is Moderate Buy based on the current 2 hold ratings and 27 buy ratings for NOW. When asked about the sale, a ServiceNow spokesperson said: In addition, the transaction was McDermott’s first sale in two years. He also owns the rights to “up to 555,000 in longer-term performance-based stock options.” As a result, Hindlian-Bowler concluded the recent sale only accounted for about 10% of his total ownership. She added McDermott has 56,000 shares lined up this year for time vesting and the right to acquire up to 32,000 shares if the average stock price exceeds $399.47. Macquarie analyst Sarah Hindlian-Bowler maintained her “outperform” rating and price target of $458 following the sale. During that year, McDermott received the third-highest pay among all S&P 500 CEOs, totaling $165.8 million.ĬEO Bill McDermott Sells $25 Million Worth of NOW Stock When the traded price is any other currency then the. This comes after the CEO purchased a $43 million Laguna Beach mansion in late 2021. For instruments denominated in GBX, the Trade Value is in GBP when the traded currency is GBX or GBP. Following backlash, McDermott disclosed he had sold the shares to fund a property purchase. The sale generated controversy on social media, as McDermott had recently appeared on CNBC with an upbeat tone on the prospects of his company. However, there’s more than meets the eye underneath the surface. This is a significant sale, as it represents a majority of the CEO’s stake. Following the sale, McDermott now owns only 3,600 shares. The prices of shares sold ranged between $455.03 and $460.98. 3, McDermott sold 53,993 shares worth $24.75 million on Feb. However, a recent sale of NOW stock by CEO Bill McDermott is raising eyebrows.Īccording to a Form 4 filing submitted to the Securities and Exchange Commission (SEC) on Feb. Throughout the years, ServiceNow (NYSE: NOW) has proved itself as a dominant enterprise cloud computing company.
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