Brasada Capital Management LP Acquires 135 Shares of ServiceNow, Inc. (NYSE:NOW)

Brasada Capital Management LP boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,139 shares of the information technology services provider’s stock after buying an additional 135 shares during the quarter. Brasada Capital Management LP’s holdings in ServiceNow were worth $4,204,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NOW. Atala Financial Inc bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. grew its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. Noble Wealth Management PBC purchased a new stake in ServiceNow in the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $766.53 on Wednesday. The business’s 50-day moving average price is $843.99 and its 200-day moving average price is $968.16. The firm has a market capitalization of $158.67 billion, a PE ratio of 112.23, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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 forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

NOW has been the subject of several recent research reports. Scotiabank decreased their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Canaccord Genuity Group cut their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research report on Tuesday. Truist Financial lowered their price target on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. BMO Capital Markets cut their price objective on shares of ServiceNow from $990.00 to $950.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,021.43.

Insider Activity at ServiceNow

In related news, Director Larry Quinlan sold 415 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now owns 40,638 shares of the company’s stock, valued at $41,883,148.32. The trade was a 5.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,250 shares of company stock valued at $19,853,273. Insiders own 0.38% of the company’s stock.

ServiceNow Company 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.