Sovran Advisors LLC Acquires New Position in ServiceNow, Inc. (NYSE:NOW)

Sovran Advisors LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 653 shares of the information technology services provider’s stock, valued at approximately $673,000.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of ServiceNow by 14.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock worth $652,000 after acquiring an additional 94 shares during the last quarter. Procyon Advisors LLC grew its position in ServiceNow by 83.7% during the third quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock valued at $1,788,000 after acquiring an additional 912 shares during the period. Fiduciary Alliance LLC increased its stake in ServiceNow by 31.4% during the third quarter. Fiduciary Alliance LLC now owns 427 shares of the information technology services provider’s stock worth $382,000 after acquiring an additional 102 shares during the last quarter. CX Institutional increased its stake in ServiceNow by 1.2% during the third quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after acquiring an additional 13 shares during the last quarter. Finally, Wesbanco Bank Inc. raised its holdings in shares of ServiceNow by 40.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock worth $327,000 after purchasing an additional 106 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,809 shares of company stock valued at $25,174,184. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Down 1.3 %

NOW stock opened at $1,008.63 on Wednesday. The firm has a market cap of $207.78 billion, a price-to-earnings ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a fifty day moving average price of $1,079.78 and a two-hundred day moving average price of $968.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on NOW. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Canaccord Genuity Group upped their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday. Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Piper Sandler raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow 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.