Commonwealth Financial Services LLC Purchases Shares of 216 ServiceNow, Inc. (NYSE:NOW)

Commonwealth Financial Services LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 216 shares of the information technology services provider’s stock, valued at approximately $229,000.

Several other institutional investors have also recently modified their holdings of the stock. Polymer Capital Management HK LTD increased its position in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the fourth quarter valued at $48,802,000. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC raised its stake in ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. purchased a new position in ServiceNow in the 4th quarter valued at about $105,090,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NOW. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup boosted their price target on ServiceNow from $1,071.00 to $1,432.00 and gave the company a “buy” rating in a report on Monday, January 27th. The Goldman Sachs Group increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was 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 directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the sale, the director now owns 42,920 shares in the company, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Up 0.4 %

Shares of ServiceNow stock opened at $1,021.99 on Tuesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market capitalization of $210.53 billion, a PE ratio of 149.63, a P/E/G ratio of 4.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50-day moving average of $1,083.66 and a 200-day moving average of $957.36.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors 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.