ServiceNow, Inc. (NYSE:NOW) Shares Purchased by GM Advisory Group LLC

GM Advisory Group LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 77.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 479 shares of the information technology services provider’s stock after buying an additional 209 shares during the quarter. GM Advisory Group LLC’s holdings in ServiceNow were worth $508,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of NOW. Avidian Wealth Enterprises LLC increased its holdings in shares of 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 acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares during the period. Institute for Wealth Management LLC. raised its holdings in shares of ServiceNow by 0.4% in the fourth 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 last quarter. TBH Global Asset Management LLC boosted its stake in shares of ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC grew its holdings in shares of ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after buying an additional 11 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Oppenheimer increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Guggenheim reaffirmed a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Needham & Company LLC lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 1.6 %

NOW stock opened at $843.60 on Thursday. 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 company’s 50 day simple moving average is $979.74 and its 200-day simple moving average is $984.61. 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 $173.78 billion, a PE ratio of 123.51, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are 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.