1,900 Shares in ServiceNow, Inc. (NYSE:NOW) Acquired by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,900 shares of the information technology services provider’s stock, valued at approximately $2,014,000.

Other institutional investors also recently modified their holdings of the company. Axiom Investors LLC DE raised its holdings in shares of ServiceNow by 67.3% during the fourth quarter. Axiom Investors LLC DE now owns 398,594 shares of the information technology services provider’s stock worth $422,557,000 after acquiring an additional 160,378 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of ServiceNow by 11.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 23,572 shares of the information technology services provider’s stock worth $24,989,000 after purchasing an additional 2,493 shares in the last quarter. United Bank lifted its holdings in shares of ServiceNow by 46.0% during the 4th quarter. United Bank now owns 784 shares of the information technology services provider’s stock valued at $831,000 after buying an additional 247 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of ServiceNow by 248.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 90,640 shares of the information technology services provider’s stock valued at $95,089,000 after buying an additional 64,609 shares in the last quarter. Finally, IPG Investment Advisors LLC bought a new position in ServiceNow during the fourth quarter valued at approximately $1,611,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the company’s 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 transaction, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. This represents a 36.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 3.8 %

NOW stock opened at $796.61 on Monday. 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 firm has a market cap of $164.10 billion, a P/E ratio of 116.63, 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. The business’s 50 day moving average is $950.30 and its 200-day moving average is $984.86.

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

ServiceNow declared that its board has authorized a stock repurchase program 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

NOW has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Needham & Company LLC raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. The Goldman Sachs Group upped their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.76.

About ServiceNow

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.