World Equity Group Inc. Invests $952,000 in ServiceNow, Inc. (NYSE:NOW)

World Equity Group Inc. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 898 shares of the information technology services provider’s stock, valued at approximately $952,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of ServiceNow by 6.6% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,956 shares of the information technology services provider’s stock valued at $39,178,000 after buying an additional 2,300 shares during the period. MONECO Advisors LLC acquired a new position in ServiceNow in the 4th quarter worth about $297,000. Forvis Mazars Wealth Advisors LLC acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $240,000. Howard Capital Management Inc. raised its holdings in shares of ServiceNow by 6.4% during the fourth quarter. Howard Capital Management Inc. now owns 1,279 shares of the information technology services provider’s stock valued at $1,356,000 after acquiring an additional 77 shares during the last quarter. Finally, Integral Investment Advisors Inc. raised its holdings in shares of ServiceNow by 39.7% during the fourth quarter. Integral Investment Advisors Inc. now owns 493 shares of the information technology services provider’s stock valued at $523,000 after acquiring an additional 140 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, 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. In the last three months, insiders have sold 15,806 shares of company stock valued at $16,065,122. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on NOW. JPMorgan Chase & Co. upped their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Mizuho upped their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Scotiabank began coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. Finally, Citigroup cut their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Down 3.1 %

NOW opened at $937.79 on Friday. 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 company has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The firm has a 50 day simple moving average of $1,054.69 and a 200 day simple moving average of $978.38. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes 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 management believes its stock is 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.