Forbes J M & Co. LLP Increases Stake in ServiceNow, Inc. (NYSE:NOW)

Forbes J M & Co. LLP lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,422 shares of the information technology services provider’s stock after buying an additional 19 shares during the period. Forbes J M & Co. LLP’s holdings in ServiceNow were worth $5,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in NOW. Truvestments Capital LLC acquired a new stake in shares of ServiceNow during the 3rd quarter worth approximately $30,000. DT Investment Partners LLC lifted its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Oakworth Capital Inc. grew its stake in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares in the last quarter. Finally, Dunhill Financial LLC grew its stake in ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 21 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. The trade was a 36.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the sale, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,702 shares of company stock worth $20,965,306. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $1,007.79 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a 50 day simple moving average of $1,080.32 and a 200-day simple moving average of $963.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $207.61 billion, a PE ratio of 147.55, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Robert W. Baird dropped their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

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.