Kirtland Hills Capital Management LLC Has $1.59 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Kirtland Hills Capital Management LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 11.3% in the fourth quarter, HoldingsChannel reports. The firm owned 1,504 shares of the information technology services provider’s stock after buying an additional 153 shares during the period. Kirtland Hills Capital Management LLC’s holdings in ServiceNow were worth $1,594,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Summit Wealth Group LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $231,000. FFT Wealth Management LLC grew its position in ServiceNow by 10.1% in the 4th quarter. FFT Wealth Management LLC now owns 1,109 shares of the information technology services provider’s stock valued at $1,176,000 after purchasing an additional 102 shares during the period. Longbow Finance SA acquired a new stake in ServiceNow in the 4th quarter valued at $4,317,000. Los Angeles Capital Management LLC grew its holdings in shares of ServiceNow by 8.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 158,199 shares of the information technology services provider’s stock valued at $167,710,000 after buying an additional 12,685 shares during the last quarter. Finally, Avalon Capital Management grew its holdings in shares of ServiceNow by 41.7% during the fourth quarter. Avalon Capital Management now owns 680 shares of the information technology services provider’s stock valued at $721,000 after buying an additional 200 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 300 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. The trade was a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,706 shares of company stock valued at $17,644,106 over the last 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 0.6 %

Shares of NOW stock opened at $922.14 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $1,046.77 and a two-hundred day moving average price of $981.50. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a market cap of $189.96 billion, a P/E ratio of 135.01, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

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

ServiceNow announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NOW. Truist Financial lifted their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Cantor Fitzgerald assumed coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price on the stock. Robert W. Baird cut their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. TD Cowen boosted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Canaccord Genuity Group boosted their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average 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.