Avalon Trust Co Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

Avalon Trust Co raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 75.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 133 shares of the information technology services provider’s stock after buying an additional 57 shares during the quarter. Avalon Trust Co’s holdings in ServiceNow were worth $141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. one8zero8 LLC purchased a new stake in ServiceNow in the fourth quarter valued at about $366,000. Choate Investment Advisors raised its stake in ServiceNow by 15.0% in the fourth quarter. Choate Investment Advisors now owns 827 shares of the information technology services provider’s stock valued at $877,000 after buying an additional 108 shares during the last quarter. Natixis Advisors LLC raised its stake in ServiceNow by 2.0% in the fourth quarter. Natixis Advisors LLC now owns 307,965 shares of the information technology services provider’s stock valued at $326,480,000 after buying an additional 6,125 shares during the last quarter. Frank Rimerman Advisors LLC raised its stake in ServiceNow by 0.9% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,381 shares of the information technology services provider’s stock valued at $3,584,000 after buying an additional 30 shares during the last quarter. Finally, Clearstead Trust LLC raised its stake in shares of ServiceNow by 0.6% in the fourth quarter. Clearstead Trust LLC now owns 4,855 shares of the information technology services provider’s stock worth $5,147,000 after purchasing an additional 30 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last ninety days. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NOW. Mizuho reduced their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Robert W. Baird reduced their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $845.75 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business’s 50 day moving average price is $992.95 and its 200-day moving average price is $984.50. The firm has a market capitalization of $174.22 billion, a PE ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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%. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.