Alta Advisers Ltd Grows Position in ServiceNow, Inc. (NYSE:NOW)

Alta Advisers Ltd increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 13.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 683 shares of the information technology services provider’s stock after purchasing an additional 83 shares during the quarter. Alta Advisers Ltd’s holdings in ServiceNow were worth $724,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC raised its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after buying an additional 9 shares during the period. Redhawk Wealth Advisors Inc. grew its position 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 worth $487,000 after acquiring an additional 10 shares in the last quarter. Institute for Wealth Management LLC. lifted its stake in shares of ServiceNow by 0.4% in the 4th 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 purchasing an additional 11 shares during the last quarter. TBH Global Asset Management LLC increased its position in 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 last quarter. Finally, Onefund LLC raised its stake in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

ServiceNow stock opened at $757.13 on Tuesday. The firm has a market capitalization of $156.73 billion, a P/E ratio of 110.85, a PEG ratio of 4.51 and a beta of 1.08. The business has a 50-day moving average of $848.45 and a 200-day moving average of $969.57. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

NOW has been the subject of several recent analyst reports. Bank of America decreased their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Citigroup decreased their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Stifel Nicolaus reduced their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,054.73.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The transaction 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 firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $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 20,250 shares of company stock valued at $19,853,273 over the last 90 days. 0.38% of the stock is owned by company insiders.

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.