WealthTrust Axiom LLC Purchases New Stake in ServiceNow, Inc. (NYSE:NOW)

WealthTrust Axiom LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 217 shares of the information technology services provider’s stock, valued at approximately $230,000.

Other large investors have also recently bought and sold shares of the company. Atala Financial Inc purchased a new stake in shares of ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the fourth quarter worth $32,000. FPC Investment Advisory Inc. grew its holdings in ServiceNow by 725.0% in 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 purchased a new position in shares of ServiceNow in the fourth quarter valued at $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter worth $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last 90 days. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Up 0.3 %

Shares of ServiceNow stock opened at $785.78 on Monday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a market cap of $162.66 billion, a price-to-earnings ratio of 115.05, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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 fifty day moving average price of $875.51 and a 200 day moving average price of $973.89.

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

ServiceNow declared that its board has approved a stock buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. JMP Securities restated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Piper Sandler increased their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. BMO Capital Markets cut their price target on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating for the company in a report on Friday, April 4th. Finally, StockNews.com lowered 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 given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,073.93.

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.