New World Advisors LLC Has $638,000 Stake in ServiceNow, Inc. (NYSE:NOW)

New World Advisors LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 602 shares of the information technology services provider’s stock after selling 168 shares during the period. ServiceNow makes up approximately 0.2% of New World Advisors LLC’s portfolio, making the stock its 21st biggest holding. New World Advisors LLC’s holdings in ServiceNow were worth $638,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NOW. Avidian Wealth Enterprises LLC boosted its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares during the period. Redhawk Wealth Advisors Inc. boosted its position in 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 period. Catalyst Financial Partners LLC boosted its position in 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 buying an additional 11 shares during the period. Institute for Wealth Management LLC. boosted its position in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after buying an additional 11 shares during the period. Finally, TBH Global Asset Management LLC boosted its position in ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In related news, insider Paul John Smith sold 2,404 shares of the firm’s 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 sale, the insider now owns 6,244 shares in the company, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,264 shares of company stock worth $13,358,909 over the last 90 days. 0.25% of the stock is currently owned by insiders.

ServiceNow Trading Down 3.1 %

NYSE:NOW opened at $937.79 on Monday. The company’s 50 day moving average price is $1,054.69 and its 200-day moving average price is $979.81. 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 stock has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a PEG ratio of 4.51 and a beta of 0.99.

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

ServiceNow announced that its Board of Directors has initiated a stock buyback 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on NOW. Oppenheimer upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Scotiabank began coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. Citigroup dropped their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.