Kestra Investment Management LLC Invests $181,000 in ServiceNow, Inc. (NYSE:NOW)

Kestra Investment Management LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 171 shares of the information technology services provider’s stock, valued at approximately $181,000.

Other hedge funds also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD grew its position in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. boosted its stake in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Avidian Wealth Enterprises LLC grew its holdings in shares of ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NOW stock opened at $968.19 on Friday. The firm has a 50 day moving average of $1,058.36 and a 200-day moving average of $976.01. The company has a market cap of $199.45 billion, a price-to-earnings ratio of 141.76, a PEG ratio of 4.64 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

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

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

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 2,229 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 $2,372,993.40. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,023 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. The trade was a 19.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,806 shares of company stock valued at $16,065,122 in the last 90 days. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NOW. Canaccord Genuity Group upped their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

About ServiceNow

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.