Financial Perspectives Inc Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Financial Perspectives Inc boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 12.6% in the fourth quarter, HoldingsChannel reports. The fund owned 545 shares of the information technology services provider’s stock after purchasing an additional 61 shares during the quarter. Financial Perspectives Inc’s holdings in ServiceNow were worth $578,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in ServiceNow during the third quarter valued at approximately $30,000. Heck Capital Advisors LLC acquired a new position in ServiceNow during the 4th quarter valued at approximately $37,000. Stonebridge Financial Group LLC acquired a new position in ServiceNow during the 4th quarter valued at approximately $37,000. Bank of Jackson Hole Trust acquired a new position in ServiceNow during the 4th quarter valued at approximately $40,000. Finally, DT Investment Partners LLC increased 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 valued at $35,000 after purchasing an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Sanford C. Bernstein raised their price target 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. Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Truist Financial lifted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Up 0.9 %

Shares of NYSE:NOW opened at $995.97 on Wednesday. The company’s 50 day moving average is $1,065.18 and its two-hundred day moving average is $975.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $205.17 billion, a PE ratio of 145.82, a P/E/G ratio of 4.59 and a beta of 0.99.

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

ServiceNow announced that its Board of Directors has authorized a share buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,811 shares of company stock worth $11,159,073. Corporate insiders own 0.25% of the company’s stock.

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.