Evermay Wealth Management LLC Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Evermay Wealth Management LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 809 shares of the information technology services provider’s stock after acquiring an additional 18 shares during the period. Evermay Wealth Management LLC’s holdings in ServiceNow were worth $858,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SeaBridge Investment Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at approximately $226,000. Western Financial Corp CA acquired a new position in shares of ServiceNow during the 4th quarter worth about $681,000. Destiny Wealth Partners LLC boosted its stake in shares of ServiceNow by 17.3% in the fourth quarter. Destiny Wealth Partners LLC now owns 421 shares of the information technology services provider’s stock worth $446,000 after acquiring an additional 62 shares during the last quarter. Concord Wealth Partners boosted its stake in ServiceNow by 9.8% during the 4th quarter. Concord Wealth Partners now owns 1,443 shares of the information technology services provider’s stock worth $1,530,000 after purchasing an additional 129 shares during the last quarter. Finally, Concord Asset Management LLC VA grew its stake in ServiceNow by 6.3% during the 4th quarter. Concord Asset Management LLC VA now owns 1,458 shares of the information technology services provider’s stock valued at $1,546,000 after acquiring an additional 87 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.7 %

ServiceNow stock opened at $1,020.17 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $210.16 billion, a PE ratio of 149.37, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm’s 50-day simple moving average is $1,083.66 and its 200 day simple moving average is $954.46.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 17.56% and a net margin of 12.97%. Research analysts predict that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock buyback 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Evercore ISI lifted their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Robert W. Baird reduced their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Stifel Nicolaus lifted their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,129.93.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

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.