Tectonic Advisors LLC Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Tectonic Advisors LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 980 shares of the information technology services provider’s stock after selling 261 shares during the quarter. Tectonic Advisors LLC’s holdings in ServiceNow were worth $1,039,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at about $30,000. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares in the last quarter. Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth $37,000. Oakworth Capital Inc. lifted its holdings in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC boosted its position in shares of ServiceNow by 70.0% in the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 21 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NOW shares. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. BMO Capital Markets increased 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. Sanford C. Bernstein boosted their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Oppenheimer raised their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Jefferies Financial Group cut their target price on 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the completion of the transaction, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,778 shares of company stock valued at $21,042,138 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $1,026.25 on Thursday. The stock has a market capitalization of $211.41 billion, a price-to-earnings ratio of 150.26, a PEG ratio of 4.74 and a beta of 0.99. The stock has a 50-day moving average of $1,081.85 and a 200 day moving average of $961.18. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results 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 17.11% and a net margin of 12.97%. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.