Boothe Investment Group Inc. Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Boothe Investment Group Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 17.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,039 shares of the information technology services provider’s stock after selling 1,649 shares during the period. ServiceNow accounts for approximately 3.7% of Boothe Investment Group Inc.’s portfolio, making the stock its 6th largest holding. Boothe Investment Group Inc.’s holdings in ServiceNow were worth $8,522,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the third quarter valued at about $30,000. FPC Investment Advisory Inc. increased its position in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at about $37,000. Stonebridge Financial Group LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at about $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of ServiceNow during the fourth quarter valued at about $40,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $937.79 on Monday. The firm has a market cap of $193.18 billion, a PE ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50 day moving average price of $1,054.69 and a 200-day moving average price of $979.81.

ServiceNow (NYSE:NOW) last announced its 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 return on equity of 17.11% and a net margin of 12.97%. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has initiated a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NOW shares. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Jefferies Financial Group decreased their price objective on shares of 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. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Oppenheimer upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the transaction, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul John Smith sold 2,404 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total value of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares of the company’s stock, valued at approximately $6,119,432.20. This represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,264 shares of company stock worth $13,358,909 over the last quarter. 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.