Centerpoint Advisory Group Takes $652,000 Position in ServiceNow, Inc. (NYSE:NOW)

Centerpoint Advisory Group purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 615 shares of the information technology services provider’s stock, valued at approximately $652,000.

A number of other large investors have also added to or reduced their stakes in the stock. Polymer Capital Management HK LTD grew its position in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new position in ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. grew its holdings in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares during the period. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of ServiceNow by 36.4% during 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 buying an additional 765 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 23,257 shares of company stock worth $23,579,376 in the last 90 days. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on NOW shares. Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Piper Sandler boosted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a report on Thursday, January 30th. One research 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Price Performance

NOW opened at $985.67 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $203.05 billion, a P/E ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. The stock has a 50-day moving average price of $1,070.53 and a 200-day moving average price of $971.00. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share repurchase program 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 programs are often an indication that the company’s leadership believes its shares are undervalued.

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.