Meeder Advisory Services Inc. Raises Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Meeder Advisory Services Inc. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,319 shares of the information technology services provider’s stock after purchasing an additional 46 shares during the quarter. Meeder Advisory Services Inc.’s holdings in ServiceNow were worth $4,579,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Atala Financial Inc purchased a new position in ServiceNow during the 4th quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its holdings in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the 4th quarter worth approximately $37,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the transaction, the director now owns 1,737 shares of the company’s stock, valued at $1,749,871.17. The trade was a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last three months. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on NOW. Wells Fargo & Company boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Citigroup reduced their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Raymond James started coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Finally, Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,088.59.

ServiceNow Stock Up 1.8 %

NYSE NOW opened at $810.61 on Wednesday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $166.99 billion, a P/E ratio of 118.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock’s 50-day moving average price is $939.07 and its 200-day moving average price is $983.75.

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

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.