Hoey Investments Inc. Buys 1,445 Shares of ServiceNow, Inc. (NYSE:NOW)

Hoey Investments Inc. lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 52.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,187 shares of the information technology services provider’s stock after acquiring an additional 1,445 shares during the quarter. ServiceNow accounts for about 0.7% of Hoey Investments Inc.’s investment portfolio, making the stock its 14th largest holding. Hoey Investments Inc.’s holdings in ServiceNow were worth $4,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atala Financial Inc bought a new stake in ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the fourth quarter worth $32,000. FPC Investment Advisory Inc. increased its position 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 acquiring an additional 29 shares during the last quarter. Noble Wealth Management PBC bought a new position in ServiceNow in the fourth quarter valued at about $34,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth about $37,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 3.8 %

Shares of NOW opened at $796.61 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The business’s 50 day simple moving average is $950.30 and its 200-day simple moving average is $984.86.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. UBS Group reduced their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Oppenheimer lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Raymond James started coverage on ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Finally, JMP Securities restated a “market outperform” rating and issued a $1,300.00 price target 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 and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.76.

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.