Kirtland Hills Capital Management LLC Has $1.59 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Kirtland Hills Capital Management LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,504 shares of the information technology services provider’s stock after purchasing an additional 153 shares during the quarter. Kirtland Hills Capital Management LLC’s holdings in ServiceNow were worth $1,594,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of NOW. Allworth Financial LP grew its position in shares of ServiceNow by 1.5% in the 3rd quarter. Allworth Financial LP now owns 1,113 shares of the information technology services provider’s stock valued at $996,000 after acquiring an additional 16 shares during the period. Modera Wealth Management LLC acquired a new stake in ServiceNow in the 3rd quarter valued at about $244,000. J.W. Cole Advisors Inc. increased its position in ServiceNow by 32.9% during the third quarter. J.W. Cole Advisors Inc. now owns 2,259 shares of the information technology services provider’s stock worth $2,020,000 after buying an additional 559 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in ServiceNow by 10.4% in the third quarter. Nisa Investment Advisors LLC now owns 62,941 shares of the information technology services provider’s stock valued at $56,294,000 after buying an additional 5,909 shares during the period. Finally, Orrstown Financial Services Inc. lifted its position in shares of ServiceNow by 18.0% in the third quarter. Orrstown Financial Services Inc. now owns 726 shares of the information technology services provider’s stock valued at $649,000 after buying an additional 111 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NOW shares. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Canaccord Genuity Group raised their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. JPMorgan Chase & Co. raised their target price 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, StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,706 shares of company stock worth $17,644,106. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $922.14 on Wednesday. The stock has a fifty day moving average of $1,046.77 and a 200-day moving average of $981.50. The stock has a market capitalization of $189.96 billion, a P/E ratio of 135.01, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

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

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.