Runnymede Capital Advisors Inc. Takes $121,000 Position in ServiceNow, Inc. (NYSE:NOW)

Runnymede Capital Advisors Inc. purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 114 shares of the information technology services provider’s stock, valued at approximately $121,000.

A number of other hedge funds also recently made changes to their positions in the stock. Mizuho Securities USA LLC boosted its stake in shares of ServiceNow by 46.2% in the 4th quarter. Mizuho Securities USA LLC now owns 19,524 shares of the information technology services provider’s stock valued at $20,698,000 after purchasing an additional 6,166 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC boosted its stake in shares of ServiceNow by 103.8% in the 4th quarter. Fi3 FINANCIAL ADVISORS LLC now owns 489 shares of the information technology services provider’s stock valued at $518,000 after purchasing an additional 249 shares in the last quarter. ZEGA Investments LLC acquired a new stake in shares of ServiceNow in the 4th quarter valued at approximately $272,000. Mindset Wealth Management LLC boosted its stake in shares of ServiceNow by 13.5% in the 4th quarter. Mindset Wealth Management LLC now owns 681 shares of the information technology services provider’s stock valued at $722,000 after purchasing an additional 81 shares in the last quarter. Finally, MRP Capital Investments LLC raised its holdings in ServiceNow by 4.4% in the 4th quarter. MRP Capital Investments LLC now owns 705 shares of the information technology services provider’s stock valued at $747,000 after buying an additional 30 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NOW shares. Jefferies Financial Group dropped their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Citigroup dropped their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. The Goldman Sachs Group raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last three months. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NYSE NOW opened at $827.92 on Friday. The company has a fifty day simple moving average of $971.31 and a 200 day simple moving average of $983.30. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $170.55 billion, a P/E ratio of 121.22, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a share buyback program 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors 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.