Element Wealth LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Element Wealth LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 210 shares of the information technology services provider’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC bought a new position in shares of ServiceNow during the third quarter valued at $30,000. DT Investment Partners LLC increased its holdings in shares of ServiceNow by 77.3% during 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 bought a new position in shares of ServiceNow during the fourth quarter valued at $37,000. Stonebridge Financial Group LLC purchased a new stake in shares of ServiceNow during the fourth quarter valued at $37,000. Finally, Bank of Jackson Hole Trust purchased a new stake in shares of ServiceNow during the fourth quarter valued at $40,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 3.1 %

Shares of NOW opened at $937.79 on Friday. The business’s 50 day moving average is $1,054.69 and its 200 day moving average is $977.09. The company has a market capitalization 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 12-month low of $637.99 and a 12-month high of $1,198.09. 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 (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share buyback 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 board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the sale, the insider now owns 6,244 shares of the company’s stock, valued at $6,119,432.20. The trade was a 27.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction that occurred on Monday, February 3rd. The stock was 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 directly owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock valued at $16,065,122 in the last quarter. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on ServiceNow in a research report on Wednesday. They set a “buy” rating on the stock. Mizuho increased their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, 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 research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

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.