Milestone Asset Management LLC Invests $750,000 in ServiceNow, Inc. (NYSE:NOW)

Milestone Asset Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 707 shares of the information technology services provider’s stock, valued at approximately $750,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. Northwestern Mutual Wealth Management Co. boosted its position in shares of ServiceNow by 9.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 16,561 shares of the information technology services provider’s stock worth $13,027,000 after purchasing an additional 1,484 shares in the last quarter. Regal Investment Advisors LLC lifted its position in ServiceNow by 8.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 865 shares of the information technology services provider’s stock valued at $681,000 after acquiring an additional 66 shares in the last quarter. EP Wealth Advisors LLC lifted its position in ServiceNow by 9.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 2,206 shares of the information technology services provider’s stock valued at $1,736,000 after acquiring an additional 186 shares in the last quarter. KPP Advisory Services LLC lifted its position in ServiceNow by 2.4% in the 2nd quarter. KPP Advisory Services LLC now owns 638 shares of the information technology services provider’s stock valued at $502,000 after acquiring an additional 15 shares in the last quarter. Finally, Souders Financial Advisors bought a new stake in ServiceNow in the 2nd quarter valued at $201,000. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $1,144.86 on Thursday. The company has a market cap of $235.84 billion, a price-to-earnings ratio of 178.05, a PEG ratio of 5.11 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $1,082.77 and a 200 day simple moving average of $950.94. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. Research analysts predict that ServiceNow, Inc. will post 7.06 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NOW shares. Sanford C. Bernstein boosted their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial lifted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Mizuho lifted their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,116.14.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.