W.H. Cornerstone Investments Inc. Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

W.H. Cornerstone Investments Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 12.8% in the 4th quarter, Holdings Channel reports. The fund owned 513 shares of the information technology services provider’s stock after selling 75 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in ServiceNow were worth $544,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Compagnie Lombard Odier SCmA lifted its stake in shares of ServiceNow by 6.7% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 124,293 shares of the information technology services provider’s stock valued at $131,765,000 after purchasing an additional 7,848 shares during the period. Catalyst Financial Partners LLC increased its holdings in ServiceNow by 1.3% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,161 shares of the information technology services provider’s stock valued at $1,231,000 after buying an additional 15 shares in the last quarter. Ingalls & Snyder LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $219,000. Warren Street Wealth Advisors LLC boosted its stake in shares of ServiceNow by 7.6% during the 4th quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the information technology services provider’s stock worth $285,000 after acquiring an additional 19 shares in the last quarter. Finally, Clarity Capital Partners LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $292,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on NOW shares. Sanford C. Bernstein increased their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Canaccord Genuity Group increased their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Scotiabank assumed coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Up 0.7 %

NOW stock opened at $989.70 on Friday. The firm has a market cap of $203.88 billion, a PE ratio of 144.90, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm’s 50 day moving average price is $1,075.99 and its 200-day moving average price is $969.56.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,257 shares of company stock valued at $23,579,376 over the last 90 days. 0.25% of the stock is owned by company insiders.

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.