Parallel Advisors LLC Has $5.80 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Parallel Advisors LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 7.6% during the fourth quarter, Holdings Channel reports. The firm owned 5,470 shares of the information technology services provider’s stock after purchasing an additional 388 shares during the period. Parallel Advisors LLC’s holdings in ServiceNow were worth $5,799,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SlateStone Wealth LLC lifted its position in shares of ServiceNow by 14.0% during the 4th quarter. SlateStone Wealth LLC now owns 407 shares of the information technology services provider’s stock valued at $431,000 after acquiring an additional 50 shares during the period. Signature Wealth Management Group grew its stake in shares of ServiceNow by 2.3% in the 4th quarter. Signature Wealth Management Group now owns 1,804 shares of the information technology services provider’s stock worth $1,913,000 after acquiring an additional 40 shares in the last quarter. GWN Securities Inc. bought a new stake in shares of ServiceNow in the 4th quarter worth $89,000. Altus Wealth Group LLC grew its position in ServiceNow by 0.6% during the fourth quarter. Altus Wealth Group LLC now owns 2,844 shares of the information technology services provider’s stock valued at $3,015,000 after buying an additional 16 shares during the period. Finally, Corient Private Wealth LLC grew its position in ServiceNow by 12.5% during the fourth quarter. Corient Private Wealth LLC now owns 296,113 shares of the information technology services provider’s stock valued at $312,926,000 after buying an additional 32,927 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on 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 in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on NOW. Scotiabank cut their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday. The Goldman Sachs Group raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Oppenheimer increased 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. Finally, Jefferies Financial Group reduced their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. One equities 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,108.03.

ServiceNow Trading Down 0.2 %

Shares of NOW opened at $843.03 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a 50 day simple moving average of $988.28 and a two-hundred day simple moving average of $985.78. The firm has a market cap of $173.66 billion, a P/E ratio of 123.43, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last posted its 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 return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase program 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

ServiceNow 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.