ServiceNow Inc. (NYSE:NOW)’s Chief Financial Officer, Michael Scarpelli, completed a stock disposition of 30,000 shares on Monday, by using his Employee Stock Options. The insider sold his stock in two steps, unloading first 16,400 shares of Common Stock, directly, for an average weighted price of $57.69 per share, and then selling another 13,600 shares for $58.36 per share. The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Scarpelli, and it falls in line with this year’s insider stock sale trend at ServiceNow.
In fact, on Friday, David Schneider, Chief Revenue Officer at the $8.1 billion market cap cloud-based service provider, reported a disposition of 31,500 shares of Common Stock. The sale was executed over two days, selling bulks of 6,200 to 9,300 shares for prices ranging from $54.86 to $57.52 per share.
However, in spite of insider sales, hedge funds have shown confidence in ServiceNow this quarter, with Christopher Medlock’s Partner Fund Management entering a new shareholder position. The hedge fund now owns over 1.1 million shares, worth $67 million.