Cabot Wealth Management Inc. Sells 57 Shares of ServiceNow, Inc. (NYSE:NOW)

Cabot Wealth Management Inc. decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,872 shares of the information technology services provider’s stock after selling 57 shares during the quarter. Cabot Wealth Management Inc.’s holdings in ServiceNow were worth $5,165,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Avidian Wealth Enterprises LLC boosted its stake in ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its holdings in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the last quarter. Catalyst Financial Partners LLC increased its position in shares of ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings in ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after acquiring an additional 11 shares during the last quarter. Finally, TBH Global Asset Management LLC lifted its position in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Down 3.1 %

NYSE NOW opened at $937.79 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. 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 stock has a market cap of $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.51 and a beta of 0.99. The stock’s 50 day moving average is $1,054.69 and its 200 day moving average is $978.38.

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 the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding 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 often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul John Smith sold 2,404 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total value of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares of the company’s stock, valued at $6,119,432.20. This represents a 27.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock worth $16,065,122 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Truist Financial lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Robert W. Baird decreased their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Citigroup reduced their price target 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. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. One investment 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

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.