Seaview Investment Managers LLC Invests $375,000 in ServiceNow, Inc. (NYSE:NOW)

Seaview Investment Managers LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 354 shares of the information technology services provider’s stock, valued at approximately $375,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of ServiceNow during the 4th quarter worth $2,603,360,000. Proficio Capital Partners LLC lifted its position in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow during the fourth quarter valued at about $682,468,000. Raymond James Financial Inc. acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $393,868,000. Finally, Jennison Associates LLC increased its stake in shares of ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after purchasing an additional 348,187 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 3.1 %

Shares of NOW opened at $772.18 on Friday. The company has a market capitalization of $159.84 billion, a P/E ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business’s 50 day simple moving average is $852.94 and its 200-day simple moving average is $970.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 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, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. This trade represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock worth $19,853,273 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on NOW shares. The Goldman Sachs Group decreased their target price on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Wells Fargo & Company lowered their price objective on shares of ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Piper Sandler upped their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. UBS Group reduced their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Finally, Scotiabank dropped their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,057.17.

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.