Elgethun Capital Management Acquires 22 Shares of ServiceNow, Inc. (NYSE:NOW)

Elgethun Capital Management raised its stake in ServiceNow, Inc. (NYSE:NOW) by 2.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 852 shares of the information technology services provider’s stock after buying an additional 22 shares during the quarter. Elgethun Capital Management’s holdings in ServiceNow were worth $903,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in ServiceNow in the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow during the 4th quarter worth approximately $682,468,000. Raymond James Financial Inc. acquired a new position in ServiceNow during the 4th quarter valued at approximately $393,868,000. Finally, Jennison Associates LLC raised its holdings in shares of ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after buying an additional 348,187 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Raymond James initiated coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, Scotiabank reduced their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,086.00.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 6.9 %

NYSE NOW opened at $720.69 on Monday. The business has a fifty day moving average price of $917.80 and a 200 day moving average price of $981.27. 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 company has a market cap of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued 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 net margin of 12.97% and a return on equity of 17.11%. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are 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.