Centricity Wealth Management LLC Purchases Shares of 77 ServiceNow, Inc. (NYSE:NOW)

Centricity Wealth Management LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 77 shares of the information technology services provider’s stock, valued at approximately $82,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. World Investment Advisors LLC increased its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares during the period. Bank of Montreal Can boosted its position in ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. Wellington Management Group LLP grew its holdings in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. FMR LLC raised its position in shares of ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of ServiceNow by 17.4% in the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after purchasing an additional 348,187 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on NOW. Jefferies Financial Group lowered their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Oppenheimer boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,806 shares of company stock valued at $16,065,122 in the last ninety days. 0.25% of the stock is currently owned by insiders.

ServiceNow Price Performance

ServiceNow stock opened at $937.79 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company’s 50 day moving average price is $1,054.69 and its two-hundred day moving average price is $977.09. The stock has a market cap of $193.18 billion, a P/E ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. 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 issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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 analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a share buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is 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.