Larson Financial Group LLC Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Larson Financial Group LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 7.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 440 shares of the information technology services provider’s stock after buying an additional 30 shares during the quarter. Larson Financial Group LLC’s holdings in ServiceNow were worth $466,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Polymer Capital Management HK LTD lifted its stake in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. lifted its stake in shares of 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 worth $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the fourth quarter worth about $105,090,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last three months. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $781.60 on Tuesday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a market capitalization of $161.01 billion, a price-to-earnings ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business has a 50 day simple moving average of $1,011.72 and a 200 day simple moving average of $985.64. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

NOW has been the topic of several recent analyst reports. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Friday. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. JPMorgan Chase & Co. boosted their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group boosted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Jefferies Financial Group cut their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.