Cabot Wealth Management Inc. Sells 57 Shares of ServiceNow, Inc. (NYSE:NOW)

Cabot Wealth Management Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,872 shares of the information technology services provider’s stock after selling 57 shares during the period. Cabot Wealth Management Inc.’s holdings in ServiceNow were worth $5,165,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Foundations Investment Advisors LLC lifted its stake in ServiceNow by 19.3% in the third quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock worth $558,000 after purchasing an additional 101 shares during the last quarter. DT Investment Partners LLC lifted its stake in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the last quarter. Silver Oak Securities Incorporated boosted its holdings in ServiceNow by 25.6% during the 3rd quarter. Silver Oak Securities Incorporated now owns 632 shares of the information technology services provider’s stock valued at $554,000 after acquiring an additional 129 shares during the period. Busey Bank bought a new position in ServiceNow in the 3rd quarter valued at $230,000. Finally, Ballentine Partners LLC increased its stake in ServiceNow by 13.9% in the third quarter. Ballentine Partners LLC now owns 2,871 shares of the information technology services provider’s stock worth $2,568,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock opened at $937.79 on Friday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week 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 has a market capitalization of $193.18 billion, a price-to-earnings ratio of 137.30, a PEG ratio of 4.51 and a beta of 0.99. The stock’s 50-day simple moving average is $1,054.69 and its 200-day simple moving average is $978.38.

ServiceNow (NYSE:NOW) last released its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Transactions at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,806 shares of company stock worth $16,065,122. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NOW shares. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Finally, TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.