ServiceNow, Inc. (NYSE:NOW) Stake Increased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,410 shares of the information technology services provider’s stock after buying an additional 280 shares during the quarter. ServiceNow accounts for 6.4% of Axxcess Wealth Management LLC’s portfolio, making the stock its 2nd biggest holding. Axxcess Wealth Management LLC’s holdings in ServiceNow were worth $266,525,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Polymer Capital Management HK LTD boosted its stake in shares of ServiceNow by 57.0% in the third 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 in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow during the fourth quarter worth $48,802,000. Dock Street Asset Management Inc. boosted its position in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new stake in ServiceNow during the fourth quarter worth $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow during the fourth quarter worth $10,071,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was 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 owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $843.03 on Tuesday. The firm has a market capitalization of $173.66 billion, a PE ratio of 123.43, a P/E/G ratio of 4.51 and a beta of 1.03. 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 business has a 50-day moving average of $988.28 and a two-hundred day moving average of $985.78. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a stock 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have commented on NOW shares. The Goldman Sachs Group boosted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,108.03.

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.