ServiceNow, Inc. (NYSE:NOW) Stock Position Raised by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,292,922 shares of the information technology services provider’s stock after purchasing an additional 56,585 shares during the period. Charles Schwab Investment Management Inc. owned 0.63% of ServiceNow worth $1,370,652,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Avidian Wealth Enterprises LLC increased its stake in ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after buying an additional 11 shares during the period. TBH Global Asset Management LLC increased its stake in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC increased its stake in ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $909.80 on Tuesday. 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, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a fifty day moving average price of $1,034.50 and a two-hundred day moving average price of $984.50. The company has a market cap of $187.42 billion, a PE ratio of 133.21, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Finally, The Goldman Sachs Group boosted their target price 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 analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the 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 $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 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

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.