Resonant Capital Advisors LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

Resonant Capital Advisors LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 566 shares of the information technology services provider’s stock after buying an additional 27 shares during the quarter. Resonant Capital Advisors LLC’s holdings in ServiceNow were worth $600,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Czech National Bank boosted its holdings in ServiceNow by 7.4% in the third quarter. Czech National Bank now owns 41,964 shares of the information technology services provider’s stock valued at $37,532,000 after purchasing an additional 2,900 shares during the last quarter. GAMMA Investing LLC boosted its holdings in ServiceNow by 51.0% in the third quarter. GAMMA Investing LLC now owns 2,659 shares of the information technology services provider’s stock valued at $2,378,000 after purchasing an additional 898 shares during the last quarter. WealthBridge Capital Management LLC purchased a new stake in ServiceNow in the third quarter valued at $221,000. Chemistry Wealth Management LLC purchased a new stake in ServiceNow in the third quarter valued at $200,000. Finally, Consilio Wealth Advisors LLC purchased a new stake in ServiceNow in the third quarter valued at $206,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented 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 report on Thursday, January 30th. Evercore ISI increased their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,021.99 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock 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 firm has a 50 day moving average of $1,083.66 and a two-hundred day moving average of $957.36.

ServiceNow (NYSE:NOW) last announced 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts predict that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock worth $21,016,751 in the last ninety days. 0.25% of the stock is owned by corporate insiders.

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.