ServiceNow, Inc. (NYSE:NOW) Stake Lessened by WESPAC Advisors SoCal LLC

WESPAC Advisors SoCal LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,671 shares of the information technology services provider’s stock after selling 223 shares during the period. WESPAC Advisors SoCal LLC’s holdings in ServiceNow were worth $3,892,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOW. Czech National Bank grew its position in shares of ServiceNow by 7.4% during the 3rd quarter. Czech National Bank now owns 41,964 shares of the information technology services provider’s stock valued at $37,532,000 after buying an additional 2,900 shares during the last quarter. GAMMA Investing LLC grew its position in shares of ServiceNow by 51.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,659 shares of the information technology services provider’s stock valued at $2,378,000 after buying an additional 898 shares during the last quarter. WealthBridge Capital Management LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $221,000. Chemistry Wealth Management LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $200,000. Finally, Consilio Wealth Advisors LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $206,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NOW shares. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. BMO Capital Markets boosted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Scotiabank assumed coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned 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, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Up 0.4 %

NOW stock opened at $1,021.99 on Tuesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market cap 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 simple moving average of $1,083.66 and a 200 day simple moving average of $957.36. 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 (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities research analysts forecast that ServiceNow, Inc. will post 8.94 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback plan 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 plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the sale, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock worth $21,016,751 over the last 90 days. 0.25% of the stock is owned by company insiders.

ServiceNow Company 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.