Florida Financial Advisors LLC Invests $219,000 in ServiceNow, Inc. (NYSE:NOW)

Florida Financial Advisors LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 207 shares of the information technology services provider’s stock, valued at approximately $219,000.

Several other hedge funds also recently bought and sold shares of NOW. United Bank bought a new stake in ServiceNow during the 3rd quarter valued at approximately $480,000. Kingsview Wealth Management LLC grew its holdings in ServiceNow by 8.0% during the 3rd quarter. Kingsview Wealth Management LLC now owns 2,638 shares of the information technology services provider’s stock valued at $2,359,000 after buying an additional 196 shares in the last quarter. Larson Financial Group LLC raised its position in shares of ServiceNow by 48.6% during the third quarter. Larson Financial Group LLC now owns 410 shares of the information technology services provider’s stock valued at $367,000 after buying an additional 134 shares during the last quarter. Centaurus Financial Inc. lifted its stake in ServiceNow by 7.7% in the 3rd quarter. Centaurus Financial Inc. now owns 857 shares of the information technology services provider’s stock worth $766,000 after purchasing an additional 61 shares in the last quarter. Finally, Loomis Sayles & Co. L P lifted its position in shares of ServiceNow by 8.0% in the third quarter. Loomis Sayles & Co. L P now owns 1,277 shares of the information technology services provider’s stock worth $1,142,000 after buying an additional 95 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the company’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 completion of 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. In the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NOW. Piper Sandler raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Needham & Company LLC boosted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Scotiabank decreased their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Trading Up 1.3 %

ServiceNow stock opened at $860.50 on Wednesday. The stock has a 50-day moving average price of $964.71 and a 200 day moving average price of $985.75. The company has a market capitalization of $177.26 billion, a price-to-earnings ratio of 125.99, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding 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 a sign that the company’s board of directors believes its stock is undervalued.

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.