First Foundation Advisors Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

First Foundation Advisors grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 10.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,905 shares of the information technology services provider’s stock after purchasing an additional 728 shares during the quarter. First Foundation Advisors’ holdings in ServiceNow were worth $8,380,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after acquiring an additional 190,430 shares during the period. FMR LLC grew its stake in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the period. Geode Capital Management LLC grew its stake in shares of ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after acquiring an additional 100,670 shares during the period. Norges Bank bought a new position in shares of ServiceNow during the 4th quarter worth $2,603,360,000. Finally, Jennison Associates LLC grew its stake in shares of ServiceNow by 17.4% during the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after acquiring an additional 348,187 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % 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 worth $20,050,076 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NOW shares. UBS Group decreased their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Raymond James lowered their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Tuesday. Guggenheim reissued a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, The Goldman Sachs Group increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,079.10.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $803.43 on Thursday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a market capitalization of $165.51 billion, a P/E ratio of 117.63, a PEG ratio of 4.51 and a beta of 1.08. 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 business’s fifty day moving average price is $884.76 and its 200 day moving average price is $974.96.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are 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.